Financial Times , 1978, UK, English

• Timber. Building Materials. Heating and
Plumbing Equipment lor the Construction
and A Wed Trades. Northampton 52333

No. 27,470

Friday January 27 1978 *is P

&

ws

LONGINES

World’s
Most

•Honoured
Wktch

CO N TINENTAt.Saj.IWG fRICB.- A USTR IA Sd|.T5; BELGIUM Fr.25; OENHAfiK KrJ.5; FRANCE Fr.3.0; GERMAN V DK2.8; ITALY L5B0; NETHSOANDS FIJ.P; NORWAY . KrJtS; PORTUGAL Esc JO; SPAip Pen .40;. SWEDEN Kr.3.25; SWITZERLAND Fr.Z.fl: EIRE ISp

GEBERAL

spy

debris

BUSINESS

cats fall

as Bank

StO[

MLR cut

Debris from the Soviet spy

• GILTS suffered widespread,
falls as >th e Bank of Eni^and
satellite which fell out of orbit stepped in to prevent a further
on Tuesday is probably on the cut in MLR to-day. Tito Bank
ground and emitting “ ex gave a clear signal through Its
tremely dangerous" radiation intervention in the money
levels, Mr. Barney Danson, markets that it did not want
Canadian Defence .Minister, said tbe rate to come down from its
in Ottawa. present 6 j per cent. Falls of 3

Parts of the nuclear-powered longs and i In shorts were
satellite had been -tentatively pin- extended in inter-office- business
pointed near Baker -Lake, a re- an' the Government Seenrities
mote area of northern' Canada, index dosed 0.42 down at 7&37.
The source was being investiga-
ted by -a Canadian and D.S: ® EQUITIES were affected by
nuclear alert team. the Midland Bank rights, issue.

The raj’s were dangerous and and the FT Ordinary "dev
it might require toes of lead closed 7.4 down at 475.8. -
shielding to remove the debris,

the Minister said. It was still • STERLING dosed unchanged
impossible to estimate the size at $14525. and its trade-
of the object on the ground and weighted index was 664 (06 A)
? w days beCore 11 could *‘ts highest since April 1676. The

Mr Alexei Kosygin, the Soviet
Premier bad sent a personal mes- lo

sage to Mr. Pierre Trudeau, Can- A rmn foil <9 tn si 7=1 '
adian Prime Minister, offering * GOLD feU 52 to 5175 *' ' ...
complete co-operation in band- ft WALL STREET dosed 9.1

DSL^saiT 61111 '* matter ’ down .* 7634^’ a new low for
The U.S. yesterday welcomed ■ ^ ear "

ft COPPER prices fell to two-
year lows following renewed

French disarmament proposals
which include an' international
system of control satellites.

Tanks out in
Tunis riots

Tunisia declared a state of emer-
gency in the wake of bloody
riots during yesterday's general
strike. -Several people were
reported killed and a curfew was
imposed on the capital. Tanks
were used ls violence flared in
protest against attacks on trade
union ofiices and the arrest or
union members. Page 3

Ransom sought
for Em pain

Kidnappers of Baron Edouard-
Jean Empain. the Belgian indus-
trialist. hive demandtd a ransom
from his family, who were re- speculative selling. Cash wire
ported to have received a. letter bars, closed '£12215 down at
written and signed br the baron. 162245 a tonne.. Rage 29
Paris police are convinced they -
are dealing with a professional • U.§. basic' money supply — Ml
gang whose motives are not —rose to 8337 Jbn. ($336.6bn.)
political as had been supposed, for the week ended January IS,

and the broader M2 to S8l2.0bn.

Salisbury setback S^lton.). seasonally adjusted.
Hopes that a Rhodesian internal •I®?*?

settlement might be announced ? ■ *^J5SL1L € ^5? ur 1 Jfw

in Salisbury before Monday’s 8**23! }? i nI? nSS
talks between Britain and the tn

Patriotic Front diminished last- p JJT-jL nni 1
night after a day of inconclusive

talks Rack and Pace 3 materials and promote mdustnal-

taiks. bock and rage u isatton of poorer conntries. Back

Ship blows up e . . . -

. w NCB figures . show *a. rise in
t ?„ a c ri ‘nr productivity in areas which have
,i,966 tons. ean>in8 “JJ^e tons of adopted productivity schemes
explosives, blew up. in the Gulf esoeciallv in the Midlands nits

S’SMS'"*- ItS CreW ° f ^

-0 arc missing. pits have earned more than £30

_ . - . . , - a week extra in bonus payments.

Imnilgrailt cnecn The last Stronghold of resistance
Twelve foreign restaurant 1° themes, in. South Wales.

workers were rounded-up in a 0 S ° t - W nrmnrff?nh & p*™* t0
Scotland Yard swoop in London’s t * ieir opposition.. Pages

West End. The men— from
Egypt. Sudan. Greece. Cyprus-
and Spain— were thought t0 « *

have entered the country as ( ^a|lQGrhQ||
students.

BY RICHARD EVANS, LOBBY EDITOR

on target after achieving the guillotine on the committee stage, Hie major
Parliamentary hurdle, by an impressive majority in the Commons last night.

- BY IAN HARGREAVES AND CHRISTIAN TYLER

SWAN HUNTER, the Tyneside builders, was signing
shipbuilder, faces the loss of a tracts in Poland,
lucrative Royal Navy contract damage Swan Hunter’s

Midland

plans

rights

issue

By Michael Bhnden

announced
was asking

MIDLAND BANK
the con- 1 yesterday that it
It will ! shareholders to put up £96.4m.

-.Huuu.w „ _ chances j of new capital in one of the

The Government seems set to complete the European- Assembly electio ns Bill! because oF * labour"' problems for other orders It is pursuing, biggest rights issues made.

— -» __■»-■ — - — —• r ... - I which yesterday formally sealed and it bodes ill for union) The news brought sharp falls

its exclusion from the £115m. leaders' efforts lu find a p-.-nna- in iho prices of all the big four
merchant ship order for Poland, nent solution lo historic inter- j banks' shares, with Hidh r -~

Victory by ’314 votes to 137. debate, but the revolt was -well Unionists in voting against ibeL This further threat to jobs at gjjj 1 pay snevnm.es on lhe Baevs'* w«°Snwn b?«#5

a majority of 177, did something contained by the stern warning guillotine. But 151 Tories backed :Swan Hirnter emerged a* the - . . - gQ0 thou-ht itJut 3 -, 0n National Westminster

lo restore Ministers’ bruised to the Parliamentary Labour the Government’s policy. j^oup’s chance to retrieve four ' *bo< at S00 jnli . are thi ou hi :

morale, after the defeats this Party by Mr. James Callaghan The legislation appears safe I* 1 * 3 Sro1 * ^ Polish contact f ,n - n nuunce I 30p lo" -6Sn P d

week on the “green pound" and last Tuesday, coupled with a hint although nothin " can becemdn I *»«>«»«* wl V> the refusal of “ 1 Cc . ^ n _: <n _ n 7. unc 5; i p 10

on the Scotland v * ,J J -

threatened to wreck — „ cc „ „„ „ clflUOt , - .

menl’8 devolation plans. Only four Cabinet Ministers the .Labour rebellion was con- ■ worKjn &

Ministers intend to table com- took advantage of rtie Govern- tained and partly because of a

pound" and last Tuesday, coupled with a hint alUi^gh MUq t£T te ce^in di^PPeared with the refusal of .°" s t a

Bill, which that he would consider resigns- in thepresent session, as the past boilermakers shop stewards to S.iIh D r 7 ef ’ n-i o
ft. Govern. Z?*, ?K ! JSlnV 6 ” U» Navy order obvlouily" »u,.W

t o rsasi« as

msnl mnlnnl with Cuisn Hnnlnp J 3rd OD lhe Lljde. Whll h liaS

two-Jlne Whip,

promise amendments to the m o n ts
Scotland Bill that seek to
reverse some cff the damage
done, but the prospects of
success seem remote.

The handsome guillotine win
means that the remaining stages
of the Bill legislating for direct
elections to tbe European Par-
liament should be rapidly com- -

pleted in a further three days allowed abstention without. fear ‘ 0r be seen

of debate, and the measure of disciplinary action. an aut^-EEU stance would be

Only 38 per cent, of Scottish
voters would support tbe
devolution BUI in a referen-
dum, according to a poll
earned out by the Scotland
is British Campaign.

Parliament, Page 10

whicn policy decision in the Tory
leadership in the last few days.

When' the guillotine was an-
nounced a week ago it appeared
that about balf tbe Tories would
oppose it on the groundst hat
they refused to aid the .Govern-
ment’s legislative programme.

But since then party leaders
have said behind the scenes tbat

ment contract with Swan Hunter. ‘ ,,L * Cl > de ' - „

This would permit the ordering becn P‘ ven lh e bulk of K^jns
of materials for its third through- orders are meet mg M-day.
. They are thought unlikely to

Other big banks were reluc-
tant lo comment on their own
prospects. i hough National
Westminster indicated that it
was not planning a rights issue.

Barclays, the only one of the
big Tour which did not make an
issue in the last round in 1975-76.
,, , . - . . . . , said that its capital requirements

black the extra work, but before were keut under constant review

taking any decision they will . . • -

ask officials of the Confedera-I The setback in prices came in

Shipbuilding orders. Page 7
Japan cutbacks. Back Page

deck cruiser. The Navy bas been Son of Shipbuilding and Engl- | s P ,,e of a P rom forecast rro,n
told it cannot do so in the present n eering Unions io handle these. _ B ..

circumstances. allocation problems in future, j Details, rage an

Although the Navy would not Mr - -Tames Airlie, stewards' j Lex. Back Page

confirm this position last night, ronvener. said: “1 do not believe |

should reach the Statute Book by ^ ed 8* fol^'e Govern- 1 il was beheved i^tbe^dSy if there is any danger io , Midland which indicated rather

the summer. - wood Benn. the Energy Secre- J ‘ Jle . 1 ^ J ^ D i a cii38 of the contract The Polish order, il should be ! better figures than expected.

rhJ h Boundanpf SSmmteSon f ?n for^SocL Scotl^ Bill P partlv because ! was imminent. This single vessel solely on the decision nf the! The directors estimated, on the

C C 0 o^muenrie^ ^ \ T :b I rSe^en^pffiPoSe?"? Sr" P of unaudited management

and for the ejections to take and Mn. Peter Shore, Secretary from^e i thrnSh it hi never^cen officially Govan is to get three of the

place by the new target date of of the Environment. SiSli iT I vaflued. ^ four ships lost as a result of the

May or June 1979. j Two former antl-3Iarkct rebels. fivn? imnmJu Viekers and Swan Hunter each Tyneside boilermakers’ refusal

. JtoSSrb^lU ^«nu &^^rand°SS’^SS l0 j£3lS! «« a to remm to a* flesiWe work-

of the Bill on both Labour and voted for the guillotine. R °^fter- a prolonged

Tory benches would delay its The Conservatives were also ve^erdav includine rdisSssMii
passage interminably. and divided on the issue, though > clbSet on^ the extraSSinire
prevent the measure reaching the partly for technical rather than events that led to 2?s
Statute Book at all this session, ideological reasons. SSSiii JEL J J? 0 ?

A hard core of 61 Labour MPs The Labour rebels were joined obstacles 1)6105 p,aced 10 Path
carried out their threat to vote by 61 Tories, the Scottish Continued on Back Page
against the guillotine timetabling National Partv and some Ulster Politics To-day Page 19

Ition, but the Navy is known to in * arrangements and to drop a
inquest! have P referred the Tyne yard gay cUIm ^hich^ is said to be a!

accounts, that the group con-
solidated profit before lax for
1977 would be around £190m.. a
gain of some 14 -per cent, over
the previous year.

The bank said that ils local
and international business had

Government to repay

warns Leyland

Rail fares report

A Price Commission report on ft BRITISH LEYLAND has been
British Bait fares which is' due warned by the Prime Minister
out next month is expected to that the Government has done
rriticjse the policy or higher all it- can to rescue the company,
increases for' commuter fares, and that its survival depends on
Page 7 management and workers. Mean-

while, another two BL directors
Briefly" ■ m m • ' have ' resigned. Back Page

Nine people were arrested - in- • ROLLS-ROYCE is likely to
Greater .Manchester last night need a substantial injection of
after hundreds of demonstrators development money for new
besieged a National Front - meet* engine programmes over the. next
ing lit Hyd eTown Hall. • - five years. Page 7

Water supply systems m many # daVY-LOEWY of Sheffield
large U.S. cities have excessively bas m a £S$m _ plant contract
high levels of chemiKds known for Minas Gerais steel com-
?o cause cancer, the- ILS. Environ- pies in Brazil, taking total U.K.
nienial Protection Agency contracts to more than £235 m.
warned. Page 4 pg y 4

Fhc prisoner u’ere injured -when •
riot police stormed Madrid’s nnupifilFQ
Carabanchel prison to break up wvi»r ww*"

a mutiny. ft 1NCHCAPE reports pretax

A Blizzard, battered the- OS. profits at half time only margin
middle west, shutting down ally improved at £34.42m. against
businesses. £32. 87m. Page 21 and Lex

CHIEF PRICE CHANGES YESTERDAY

(Prices In pence unless otherwise Costain (R.) ' 350 — 10

indicated) Fitch Lovell 57 — 5

General Accident ... 224 - S

RISES GUS.A 264 - 6

Avery* 16S .+; 9 Harrisons jc.Crosfield 362 — 25

wusey and Hawkes .. 204 -f 4 Hawker Siddclcy ... 1SS — B

British Cinematgrph. 59 + 7 Tnchcape 360 — 20

Caledonian Cinemas... 305 + 15 Marks and Spencer... 146 — 4

navy IntnL 239 + 5 Midland Bank 370 - 27

JlaleK Properties ... 36 + 4 Nat West 26S — 22

umsdalc Universal... 65 + 5 Tate and Lyle 209 — S

jnd Allen 145 + 10 Turner and Nowall— 211 — 4

s mall5haw (R.) 23* + 3 Vickers 1ST — TJ

■fcund Diffusion ... 49 + 4 Vosper 165 — 9

Turner Mnf 119. + 13 - Yarrow' 2S0 — 15

. »esiorn Canada Inv... 640 + SO Anglo American 260 - 17

JVlufail (H.) 262 + 6 De Beer® DM. 291 - 11

Wills tG.) -58} + 4i General Mining JE14J. — 3^

Kloof GoW 474 - 23

.. . FALLS . Libanon 4M “24

exchequer UJpc.'SS -..£38 - i Messina 90 - 6

gxelteqr. 131pc \ Randfoniein £33i - 12

^relays Bank ......... 320 — 25 Southern Malayan. ... 245 — 10

BY PETCR-'RIDDELL, ECONOMICS CORRESPONDENT "

THE GOVERNMENT has decided Joans and other public sector tranches and the oil facility is
to repay Slbn. of its borrowings debts may be repaid before of less direct help to the fund,
froin the international Monetary* time this year, when borrowings since the money mainly returns
Fund well ahead of the due totalling S950m. mature anyway, to the big surplus countries. The
dates. Consequently it is likely that precise timing of repayment of

tAllt S?Hn nf Iho TT V >r .V. «... . i _ . .

for its third contract. A period breach of the Government’s in- J continued to expand, creating the
of negotiation similar to that comes policy and the TUC’s 12- 1 need for more resources. Part
which has spun out the Polish month rule. ; of the funds required had been

negotiations now seems likely. It bas already taken one of 1 supplied by profit retentions and
The boilermakers' decision three other Polish ships : by lhe $30Qm. subordinated loan
came as Mr. Michael Casey, reallocated when Swan Hunter’s j capital raised in the Eurodollar
chief executive of British Ship- . Continued on Back Page .market in the past years.

Midland's directors believed,
however, that it was now “desir-
able lo increase the equity capital
base of the bank."

The issue will increase the
hank s ratio of free equity capital
to deposits from 1 per eent lo
around 1.9 per cent and is
expected to improve the relation-
ship between ils equity and debt
capilaL

The issue of 29.987.740 ' new
[shares is to be made at a price
of 330p a share. Jt will be on the
basis of one new share for every
shares, and 21

Richardson stays
as Bank chief

This was revealed during Com- about SSbn. of the U.K.’s official the first tranche has not yet been
mous Question Time yesterday by overseas debt may be repaid this resolved. «-
Mr. Denis Healey, the Chancellor year out of a total of nearly qn.. rnTOrnm . n . '.

of the Exchequer. sa>bn_ due between now_and the m n r^ U h

ec^mk^nd^rSScuf^uW^ “™fSean S that the whole of ^S’e^S^hS

as- ,, £M h fu s aurinsrs ss

and 1983 b °- ^ ^ “ iS^KuTSu mlffi

The intention behind the C^vernment clearly w^ots ^S^Sl.notT^^x
Government's move is primarily 10 take advantage of the current constraint on U.K. policy. This
to spread the hump of overseas account surplus while it is stiff issue is completely separate from
debt repayment, as large substantiaL foilow-ing the hve- TepaymenL

amounts are due between 1979 fold rise in the official reserves . , . ...

and the mid-1980s. in the last year. r 1 ' part fr 0 ® repayment . economic strategy.

This proces has already been The new repayment to the of Jeans, the U.K. is also seeking During his first five year
started. Earlier this month it fond will mainly involve the first [] e ' v sorrowing with maturity
was- announced that the Elec- uedit tranche of S850m. drawn dates 1116 J ? ea ^«X®P ayt ? eilt
trieity. Council would repay in May 1976 and maturing in of tbe ea rl y 1980s, where

before time, a 5500m. loan. matur- I979-8L This tranche -helps the c= “
ing tn 1982. On top of this, liquidity of the fund most and . Sin £® j total °*

S260xo. has been repaid early will enable it to assist other „ • overseas
since October. borrowers. P ub,lc bodjes -

It is possible that further fund Repayment of the other Editorial comment. Page 18

BY MICHAEL BLANDEN

MR. GORDON RICHARDSON
has been re-appoint pd for a
second five-year term as
Governor, of the Bank or
England, il was announced
yesterday.

The appointment, widely
expected in the City, lakes
effect from July 1. Mr. Richard-
son, 62. was made Governor in
succession to Lord O'Brien in
July, 1973, at the start of a
particularly eventful period in
banking.

In domestic policies, (be
Bank, has played an important
part hi tiie adoption of mone-
tary policy and of specific
monetary targets as a major
element in the Government's

stinl Mr. Richardson has seen
through the fringe bank crisis . .

in the U.K., during which he [five existing

played a centra) role in estab-
lishing the lifeboat support
group to avert a much wider
crisis of confidence.

He has played his pari in
the development of co-opera-
tion among central banks in
the establishment of respon-
sibility for international bulk-
ing activities.

The past five years also have
seen repealed foreign exchange
market crises and pressure on
the pound, followed by the
sharp reversal of the past year
with renewal of confidence in
sterling— partly as a result of
the central bankers' agreement
on the safety net for sterling
balances.

shares for every £500 nominal of
•the bank’s 71 per cent con-
vertible subordinated unsecured
loan slock 1983-93.

Tbe profit figures indicated
that after the sharp jump lo
£102m. in the first half of last
year Midland suffered a setback
in the second balf to around
£SSm.

£ to New York

.laiumry 26 Prei imix

s r .rt »I.<MSO-KOO Kt-toto-MuO

J 1 1 h. ■ 1 1 1 1 ■ 0.05 ).QS im »> Oj 33 -Oi 3 apn'iii

5 iimui lio O.S , i-C'.fl 2 prriii 0 - 28 -O. 32 |(r«?iii

ir-iiHUili- ’ O.W-O.Eaint*n< 1.tiW4>.7Spi*]n

Reed cuts back in South Africa

BY RICHARD ROLFE

JOHANNESBURG. Jan. 26.

REED INTERNATIONAL, which and made it clear that the com- shares at 310c of which Reed
has greatly expanded its involve- pany wished to disengage itself International’s shareholding was
ment in South Africa in the past from South Africa.] worth R46m. SAPPI, j n which

four years, announced to-day The official announcement. Union Corporation holds over 50
that it is negotiating to sell the recording that the listings of per cent was capitalised at
major part of its interests here SAPPL Kohler and Reed R56m. on the pre-suspension
to SAPPL the pulp and papei Nampak had been suspended, in- quote of 195c, while the smaller
manufacturing subsidiary of dicaled that negotiations would Kohler Brothers, which is likely
Union. Corporation, and- to to be involved in the deal, was

Kohler Brothers, another Union News Analysis. Page 22 worth R12m.

Corporation subsidiary. ' Lex, Back Page Should the talks with SAPPI

Inis move out of South Africa - — — and Kohler be successful. Reed

la Reed’s first really significant cover the disposal of Reed Inter- will retain subsidiaries in the
decision in its attempts to reduce nationars 62 per cent, stake republic — notably Spicers. Pal
its heavy burden of debt. in Reed Nampak as well as its 50 ladinm. Tension Envelopes and

Mr. Bas Kardol, the chief per cent, stake in Stanger Pulp the building industry, interests
executive of Reed’s South African and Paper, an R65m. venture under tbe Twyfords banner, with
interests, describes the deal as with C. G. Smith and Co. net assets of Raim. and a gross

purely commercial in its \ 0 financial details have been figure nearer RBQm.
motivation." announced, nor have any mer- This is despite tbe sale, in

[But. in London the finance chant bankers been appointed to August, of various other Reed
director of the parent company, assist with the terms. subsidiaries, including Kean-

Mr,. x>«vid Cormie. said that However, on the basis of pro- lands, to Reed Nampak. tbe
tnei£ was a “ complex of suspension prices. Reed Nampak group's 63 per cent owned
reasons "* for Reed's desire to sell was capitalised at R75m. with the quoted subsidiary, for R8m.

CONTENTS OF TO-DAY’S JSSUE

European sews 2

Overseas news 2

American news 4

World trade news 4

Home news— general ... 6& 7

—labour 8

— Parliament ... 10

Technical page 15

Management page 15

Arls page 17

Leader page 13

ILK. Companies 20-22

Mining 22

Inti. Companies .,*si...sr. 24-25

Euromarkets 24

Wall Street 23

Foreign' Exchanges 23

Farming, raw materials ... 29
UJL slock market 30

West German economy at

a crucial stage 18

Politics Today on constitu-
tional reform : J9

Engineers inspire the
revival of Citroen 2

FEATURES

Japanese shipbuilding: too

late for small- yards 3

Arson in New York: burn-

the tax base 4

North Sea Oil Review:
problems at Murchison 7

Around Britain:
broke Deck ....

at Pem-

16

FT SURVEY

UJK. textiles 11-14

JUtpelntrons uw.
Appahi tm e n IndL
mok Rmn ... _

»wU i inu for Sale

tCukte

U

l

8

22

Le*

LeuOnrd

Mes on) Ma ne rs —
Money Kota

Food ■ Macs ...• ...
FT-uunries ibiQccc
Letters —

U Hastes
X7 saleroom — ___

51 Shore Intermix*...

SO TsoBte ‘

Tn-day’s Coons —

»

1*

18

22

2M8

li

U

3M3

IS

' «

TV sod Radio ......

Doit Trnji$ ...

weaker

lb

31

M

INTSRIM STATEMENTS

csr a

Cary. & Hew Two. 25
MU. Wits. W. Areas - • «
^cWesiascr UHr... M

ANNUAL STATEMENTS
A. Anar. Cdd Inv. 2 S

Batten Book 9

■rit. bear Corvn. 2t

rotTvooo intnoi. a

EasGBi Onto day* U

Props: Have wharf 4

Boos Lending Rates 31

For latest Share Index 'phone 01-246 8026

V

PROPERTY

PROBLEMS?

Then expert help is needed . . .

a complete property service
to industry and commerce
throiidwut the

and WestemEurope

mmn

PEISER

Chartered Surveyors

3*4 Holbom Circus
London EC1N2HL
Tel: 01-353 6851
Telex: 25916

ana aStefteKL Wi&mfl S toe

Mih ip n of industrial & commercial property. . I gents for
the Stile. I ft ting ami purchase of industrial Sc- comnienial
property, hwesnndnt, fincmec jz. dpivlopmenl i omul touts.
Rating SC compensation surivyor& Maul SC machinery 1 1 ihters,

\

financial Times Friday January 27 1978

EUROPEAN NEWS

Three Christian Democrats
in new Portugal Cabinet

BY /IMMY BURNS

LISBON, Jan. 26.

THE PORTUGUESE Prime Tbe major innovation is that his outspoken views on an
Minister. Sr. Mario Soares, the Christian Democrat, now austere economic policy leading)
announced his new Government take control of three Ministries eventually to the entry of a
here to-nighr at a hastily con- —Foreign Affaire, Trade and strengthened Portugal into the
veiled news conference follow- Tourism, and a new body, the Common Market. His Ministry
ing consultations with political Ministry of Administrative combines . the former Planning
figures lasting for more than a Reforms. and Economic Co-operation and

week The final 15-man list of ^be last named will be headed Finance Ministries.

Ministers was approved by Presi- ^ Rui Pena. 38, a lawyer. The former P lannin g Minister,
dent Antonio Kamalho Eanes this 'jY a£ j e V ju be under Dr. Basilio Sr. Antonio Sousa ‘Gomes, goes
afternoon. It consists of ten >{ orta 34. also a lawyer. The to Housing and Public Works.
SfitiaiiSiS three Chris Jan Demo- aew Foreign Minister is Dr. Vic- The former Finance Mini ster,
crats an dtv.o independents. tor de § a Machado, a lawyer Dr. Henriqae Medina Carrera.

Sr. Snares described his new aged ^ has no portfolio in tbe new

1st' ba?e with aS personaIities S< f?cni Members of tbe Socnailst Party Government
the CDS" 1 Christian Democrats), v bo were regarded by the Chns- The new Minister of Agrj-
wilh the exception of the tiao. Democrats during the. culture. Dr. Luis Sals, is
Ministry of National Defence negotiations as being dan- expected to" pursue the con-
which is retained by the army gerously ^ft-wing have not been troversial policy of returning

Sweden row
over claim
linking loans
and uranium

By William DulHbrce

STOCKHOLM, Jan. 26.
MR. OLOF PALME, the Soeial-

in the person uf Colonel Mario included in jhe new Government. some of th e land expropriated BaD5 j ad $ te contained

Firmino Miguel, the Minister in thus removing Obstacles to the since the military coup of 1974 cen f. of Europe's 1

the previous administration. It eventual compromise. to its original owners. deposits and was a sis

was. he said, a very different The new Socialist Minister of The new Government will
Government from the first con- Finance, for example, is Dr. start working to-morrow on their
sTitutipnal one. and “ the circum- Victor Constancio, 34, a former programme, which has to be
stances which the country now vice-president of the Bank of presented for approval
faces are totally different." Portugal and a man known for Parliament before Thursday.

in

Bonn bugging outcry revives

BY JONATHAN CARR

BONN, Jan. 28.

HERR GEORG LEBER, the in sorrow than anger. Most without Herr Leber’s knowledge
Wes I German Defence Minister, deputies recognise the services —in 1974.
is coming under renewed pres- Herr Leber has rendered as a Herr Leber bad known the
sure to resign, following revela- Minister for more than 11 years secretary was being investigated
tions in Bohn of another “bug- ^ Bonn, almost six in the and was soon told that sus-
ging " affair. arduous defence job. Nonethe- picions against her . proved

•rvic m k. less, the feeling is now strong groundless. She is still in his

This time not only members that m ct»n. h™™ „= n

of Ih* nmncitinn „„„ ui«i he should step- down as employ. Btit he was only told

*°° n 35 3 moment comes when of the bugging early last year,
down "'’rriil -km he can do so with honour. Bonn was then involved in the

b ; s Sncia^ Deino^rat Partv i/pDl Tbis week - il has been con- "Traube affair"— when Herr
and in C n- n*/ 3 * firmed that the apartment of one Werner Maihofer. the Interior

’ of Herr Leber’s secretaries was Minister, came under fire for
rree ueniDtrats IFDPJ. bugged by the military counter permitting the bugging of the

Much of this criticism is more intelligence services (MAD) — house of an atomic scientist |

suspected of associating with

New leaders for industry

BY OUR OWN CORRESPONDENT

BONN, Jan. 26.

WEST GERMANY’S
employers’

found new leaders to

two top

terrorists.

Herr Maihofer told the
Bundestag this had been the only
such bugging incident. It now
transpires that neither he uor
Chancellor Helmut Schmidt had
been told by -Herr Leber of the
incident involving the. Defence

The boss or tbe. Federation of.^T^ seerntar?
organisations have German employers -association This matter" bn Its own might

succeed (BDA) will be Dr. Otto Esser, not have raised a orpat stir Rut
Dr Hanns Martin Schleyer, who aged 60. a man of Jong jt follows a series of other

headed both until murdered by experience in tbe chemicals damaging 5 incident? in Herr

terrorists last October sector. ( He has been acting Leber’s sphere of authority.

President of the president since Dr. Sehleyer’s particularly the revelations late

® r German Industry- death. last year of the betrayal of mili-

f BDIi vs to be Dr. Nikolaus Both men will be proposed at tary secret s to East Germany
Fasoli, aged 56. He is a leading extra-ordinary. meetings of The immediate question asked

figure in the ceramics industry*, members of the respective is whether Herr Leber has full

a brilliant linguist— and a extra-ordinary meetings of control of his Ministry and of

relative of the writer Vladimir seem certain to be voted in un- the activities of military- counter

Nabokov. opposed. intelligence.

Home appliances production rise

BY GUY HAWTIN

WEST GERMANY'S

FRANKFURT, Jan. 26-

domestic Home demand for domestic ap- in the electrical motor sector
appliance manufacturers saw out- pliances went up by a real 4 per where turnover went up by a
put increase by a real 5 per cent. cent. In contrast to previous nominal 9 per cent to DM2.85bn
last fear to reach DM9.1bn. years, large appliances sold Production of electrical heaters

i£2.23on.l. This year is expected rather better than small ones, rose by 6 per cent, to just under

to produce further, although Growth in the small machine DM2.Sbn., and refrigerator sales
somewhat slower, growth with sector amounted to about 4 per grew 6.5 per cent to DMl.Tbn.

output increasing by between 2 cent., and sales of the large Washing machines fared much

nr 3 per cent. household appliances increased worse, with turnover advancing

A report by the Zentralver- by between 5 and 6 per cent by 0.5 per cent, to DMLSbn.
band der Electrotecbnischcn Overseas sales were adversely _ A* 1 "*" Dicks reports from
Industrie (ZWEll. the central a ff ec teri both bv the current Bo P n: West German dock-

association of the electro- ****** bo “. ' ? t th * CUrren . t strike, affecting 16.000 workers
tcehncinl industry, said that the ® cono ™ lc * lu " ate of weak ; n th e country’s seven largest
domestic appliance manufac- demand in the European market ports, ended its second day this
lurers last vear accounted for 12 an< * a J S0 by the strengthening of evening with no sign of any
per coni, of the electrical sector's the deutschemark against the fresh peace initiative. But- there,
production. currencies of many or West was an indication that the' public

This ypjr, in spite of the sales Germany’s most important service -union £>TV, . which is
increase, capacity utilisation in partners. Exports were Qfganismg.the-strTko, irOTht settle

the domestic appliance sector wor ^b some DM3.4bn..- a .real 3 ;f0r^tes? than-ti».9 -peR-cehC.it

was expected to remain at an P er U P 1976‘s perfori ori^n^Uy^ilaiiaecI . b r.' t b^ budgCt deficir. It adds

i ' j _ on raance. imoorts. at the same -umtnw mnna-o

unchanged 70 to SO per cent., ?f. oce ’ 1 ^ sp £y. ts V a * SlegfiM "Merteff, deputy- fp% 1

while the number employed in HSfViJ 096 ‘ p€r cent- to dent of the onion, said he

ihe industry was expected to UM1 - aDn - expected at least “a six before

remain stable at S4.000. The largest sales increase came tbe decimal point.”

Democrat opposition leader,
claimed last night that Sweden
had been borrowing heavily
abroad against the guarantee
of uranium deposits, which
Mr. Thorbjonv Falldin, the
Prime Minister, had no Inten-
tion of developing.

The charge, made in a radio
debate, was “ categorically
denied” by Mr- Falldin,

whole Centre Party Is com-
mitted to halting Sweden’s
nuclear power programme. -
Mr. Palme said Sweden's
80 per
uranium
deposits and was. a significant
factor In the credit assess-
ments of foreign lenders. But
Mr.- Falldin ’s Centre Party had
been blocking plans for
exploitation of the uranium
by . the State-owned LKAB
mining company.

The clash came as the
ruling non-Soclallxt coalition
approaches another internal
erisis over energy policy. Next
month the Government win
have to decide on credits for
initial construction work on
the country’s eleventh nuclear
power statlon.

Tbe Centre Party has so far
refused to countenance further
spending.

Yesterday the .Federation of
Industries handed Mr. Falldin
a 30-page report calling for
nuclear power capacity to be
more than doubled by the
1990s, -for a 25 per cent, in-
crease in hydro-electric power
and for the mining of 2,500-
3.000 ions of uranium a year.
This would . cut Sweden’s
dependence on imported oil
from 70 to just over 40 per
cent.

The Federation- argued that
expansion of nuclear and
hydro-electric power was neces^
sary If Sweden was to continue
fo • develop as -an industrial
nation and maintain its stan-
dard of living- Its programme

EEC Commission borrowing

!1

* ?
*

BY DAYK3 BUCHAN

BRUSSELS, Jan, 26.

: t

I*

EEC finance ministers will next sion has after some reluctance SSSo-FiSch^clSSSS

month be asked to authorise the now settled otr a share-out of top bank official said . ---
Commission to raise up to Ibn. responsibility between itself and he pointed out that the bank ft . ,

European units nf account the EIB. its own lending ceiling on an> thermal

loan money, react to tbe European Com-
raised in in unity borrowing, under yet

across the channel, geo-
enersv and North.

its of account the EIB. its ^ ^ oiT development. ■

($1.23bn.j on the international The Commission is to do the, ora -project— half the. total cost, the capital markets would

capital markets for big energy, borrowing,' and leave the Lnxem- dr 80m. ua. -

industrial and infrastructure bourg-based bank, whose Board Tbe “ Ortoli
projects.. • of dii

As several member

particular West Germany, have administer the individual loant council oi ■»»« H 13 A n ^ , t T n iw “ th^Bank and the Commission
insisted that the European The new loan plan, prepared used to top Ul! L?OT Blu Sg eD ,HnT in ^arh other-fT™
investment bank use its long by M. Francois Ortoli, the EEC contribution to certain bij, z vs rl;c ^ becomes very
experience to manage the new Finance Commissioner, covers projects.

Community loans, the Commis- “broadly similar areas " to those Possible examples

! i:b

i.»

i*

5TS» hidr w Jf S JS? « a»

states, in national finance ministers, to tranches with the approwu ot ine auuugi .

any, have administer the individual loans, Council of Ministers’, could be

cited by tight."

Support for Lome pact human rights clause

BRUSSELS. Jan. 26.

BY GUY DEJONQUfERES, COMMON MARKET CORRESPONDENT

including an Preparations are already u nder atrocities Q Wnmtt Ud by tbe Amin "nP'saifflS

THE IDEA of including an

explicit reference to the respect way in Brussels for the renewal regime in Uganda. r "* the subject

of basic human rights in the of the first Lome Convention, due But. although the Nwc agreed he ■ 1 b ’ ntttlvcs of 25 Con- '

text of the next Lome Conven- to expire at the end of this year, to halt any EEC aid to Uganda *rth ropt^om.tt us oi

tion — the present one links the It provides for trade and aid which could be used for non- en SSoal. however, that

EEC and 52 African, Caribbean arrangements between the EEC humanitarian purposes, closer n l - • * *~

and F ' ' ' ‘

backed

Claude Cbeysson. * producing countries for losses in men is made through the Stabex ^

But he suggested that it their ex^rt earnings. commodity earnings fund are to

would be very difficult politically The idea of usfng the conven-.; M. Cheysson said t0 * da >’ ^ ,C pL t C ev w ® n t ro raise
and teeboically, to make the pay- tlon to try to enforce respect for felt that some reference should the EEa t ^ C e rt J l inc ^ policies of
ment of aid funds under the con- human rights in the developing be made in the new convention quest o „ovnm m ents 0 f,

vention conditional on world was first broached last^ to the violation of human righto, European SO\ 'Cmmcais^
observance by recipient govern- summer by the British Foreign -because the emotional Public treatment

ments of a code of humanitarian Secretary, Dr. David Owen, fol- reaction which such Incidents employment and treatment
conduct. lowing reports of widespread created in Europe could rob the immigrants.

of

Of.

Marked fall
In French
inflation

By Robert Mauthner

PARIS. Jan. 26.

THE GOVERNMENT’S morale..
undermined by the poor showing : secretary-general,
of the
France’s

Berlinguer reaffirms demands

BY DOMINICK. J- COYU
THE CENTRAL Committee

ROME. Jan. 2fi.
This latter formula, to which

essentially ®ntail all-partj —
to he ex- emergency economic and social

reaffirm - Its His speech was

coalition ' parties IS | demand for direct Communist hard I Hue ^ ( as was in ! ne p^'ramme. which the Com-

latest pre-electoral ' participation in government. P. ect f d V Siterateri hfs mumsts would support dircctb'

opinion polls, was boosted I today) sig. Bertinguer’s speech SSiv SemSd for Cabinet posi- ^ Parliament. :

by December pnee index figures.; was directed not just to the f n d 4“ next Administration. However, since il would cnt.ul
These show a marked slowing of I central Committee but also, Uons in : . . „ an open acknowledgcmcm by the

inflation. ■ ! ^directly, to Sig. Guitio He even advocated, as an ( . hricll!tn n^muorats that Com-

Christian Democrats that Coin-

mairecuy, to oik, uuiuu ^ — _ — , - „ . •• — * r — - — -

After increasing 0.4 per cent.; Andreotti. the outgoing Prime hypotheses but not a^ubmmeo niunist sup p ur t was essentiaf for

in November, prices rose only
0.3 per cent. last month, giving
an overall inflation rate for 1977
of '9 per cent., against 9.9 per
cent in '1976: . :

During the last quarter

-Minister, who is now endeavour- proposal’* that, in effect, th® the governments survival, it is
ing to form, a new administra- Christian Democrats, who nave gtin being rejected strongly by a
tion ruled Italy for more -than av VQCa i element within Christian

.o , ror-

r jjui lux me mi. quAi lci ^ He a Left-wing administration- in mu!a , v;holher negotiated by Sir.

ia77.]iiftation ran. on an annual ^stiao Democrat Pa^ He ^. hich ^ Commull jsts would Andreotti nr another prime

— i-—- ! basis at no more than 6.2 per|}5 to ^ee senior iraae a? 1011 predominate. niinister-dcsisnale. would still

would Imply expenditure of , cent compared with 8J2 per cent.; leaders to-morrow. vet he did Jutt alve a hint of auoear to b? fresh eteitloiw.

Kr.6-7bn. (£66IM77nmA. a i i n the same period of 1976. Prime i The Communist secretary- ' e | “ e ^ f . he somethin" 0 which Si" Berlinguer

year on nuclear and hydro- Minister Raymond Barre’s target! general reaffirmed bis demand P°“ lb *5 -ifn enm- claimed "this evening manv

mwer. «r twice « I of about S per cent, inflation in for an “emergency government” referred to the Christian Demo Uaimea inis c en,ng n
197R has thus become more to tackle Italy’s mounting crat refusal not only ^jccept Chrts^
realistic than it once seemed economic recession and politic Communist P a rtlcjPation »n Jarun*

despite scheduled rises in rents, ally motivated violence. He Government, bu tire pariys «hlch hn own party ma*mM
nubile tariffs and petrol in -claimed that the “current ten- ^ -"gg* ^nati^. 1 — n °!tt th^s

a majority." difficult and delicate time.

electric power, or twice as I nf about S per cent, inflation in] for an
mnrb as Ibe present rate,
already being -challenged by

Mr. Falldin’s Centre Party.

Banks’ liquidity
ratios

increased 6%

! January and February this year ■ s ions’* in the country demand acknowledged
f Last month’s increase was the! immediate collaboration -anrt a maioritv."
lowest since December. 1976, and I

By Our Own Canrespondent
STOCKHOLM, Jan. 26.
SWEDEN’S Riksbank (Central
Bank! announced to-day an : ni^
precedcnted increase from next
month of 6 per cent in the

January, 1977. when prices were
kept down artificially by a tem-
porary freeze a/id VAT reduc-
tions. Food prices, particularly
of coffee, fruit, and vegetables,
which were '.ttaiaiy^ responsible
for the sharp jump in the index
last autumn, have remained
stable for the Tavt two months,
j -Prices- of manufactured goods
-are rising moderately after big
I increases in October and

Soviet output rises 5.7%

BY DAVID SATTER

MOSCOW. Jaiu-26.

obligatory liquidity ratios of < November, provoked by a sharp

tbe three largest commercial
banks. Tbe other commercial
banks’ ratios will go np 5 per
cent

The move has been prompted
by the Kr-33bn- (£3.7 bn.) deficit
in the 1978/79 budget sub-
mitted .earlier his month, which
would increase bank liquidity
and threaten higher inflation..
...The" Riksbank says’ ihat it.
cannot permit an uncontrolled
credit expansion to reinforce
the increase in the money
, c TSUftPly:. r whtch : will be created

that alight 'domestic money
policy Inusf be maintained to
induce Swedish companies to
continue borrowing abroad.

rise in textile prices.

Better inflation figures have
gone hand in hand with im-
D roved trade performance. A
December surulus of Frs.l.SSbn.
(about nSOm.) crowned progres-
sive reduction of montblv deficits
in late 1977, marred only by a
large, freak- shortfall in Novem-
ber. 1- This, enabled the overall
1977 .deficit to be cut to
FrsAljBTbrii little more than
half the 1976 shortfall.

Progress has been made to-
wards reducing unemployment,
though this still exceeds lm. Tbe
National Institute of Statistics,
in its latest review, indicated
unemployment was still the
Achilles' heel of M. Barre’s
economic recovers" programme-

SOVIET INDUSTRIAL produc- Pravda said that all Soviet
tion increased by 5.7 per cent. Ministries and Ministries in the
during 1877; an improvement unipn "republics met their plan
over last year’s - increase of 4.8 targets with the Exception nf the
per cent, but still the second Soviet Ministry of Ferrous Metal-
lowest annual increase in indus- lurgy and the Ministry of Meat
trial output since the second and Milk Production,
world war. / The final Soviet grain harvest

The final 1977 figure exceeded figure was given as 195.5m. tonnes
the r^an target, which was 5.6 and the Soviet Union was said
per cent, but was still consistent to have a record cotton crop,
with the steady decline in the previously announced as 8.7m.
increase in Soviet industrial pro- tonnes, and a record rice crop,
duction since the 1950s when No final figure was given for the
Soviet industry grew at annual rice crop but the previous record
rates of between 10 and 16 per was 2.2m. tonnes,
cent. _ Pravda said the meeting of the

Preliminary results which did Council of Ministers noted that
not break down tbe production despite overall plan fullfilment
figures into results for heavy the Soviet Union’s 1977 economic
and light industry - or* give , th? .ppifponance . was , plagued- by ' a
important figtire for the increase variety of “shortcomings’’ on the
in labour productivity were pub- part of the Soviet Ministries,
lishad to-day by the Communist Including the -failure- to enlarge
Party newspaper Pravda la ’a capacity, finish- ‘cdftsf faction pro-
report on a meeting of the jects end install needed equip-
Soviet Council of Ministers. ' ment.

Norway accord
on F-16

By Fay Gjc&tcr

OSLO. Jan. 26.

AN AGREEMENT has been
reached between Norway and
the U.S. which will allow Norway
to supply parts for U.S.-built
F-16 fighters, as foreseen in the
Norwegian-V.S. purchase agree-
ment for this aircraft, without
violating strict Norwegian regu-
lations concerning exports of
military equipment.

After prolonged and difficult
negotiations in Washington, the
U.S. Government has issued a
carefully-worded statement
promising that ’’every effort will
be made" to ensure that the
Norwegian -made parts are
installed on F-18s destined for
NATO countries. .

Though it does not specifically
say so. the statement implies
that Norwegian parts .will not
normally bo installed on aircraft
ordered by countries at war or
likely to he involved In war.

Engineers inspire Citroen’s post-merger revival

BY TERRY DO DS WORTH

BRITISH LEYLAND'S
spectacular financial collapse m
1974 was the symptnn of a deep
malaise in the smaller-sized
European motor companies.
While the L'.Iv. Government put
together an expensive rescue
plan for its biggest exporter, the
"French Gm eminent moved in to
assist Citroen, pushing it into
the jrnui of Peugeot rather as
British Lev I and had been thrown
together from Britis'h Motor
Holdings ami LcyUnd Motors in
!96S Only a few months later ihe
disease spread to Daf in Holland,
resulting in yet another
Gnvcramcnt-barked rescue and
the sale of Pul" ears to Volvo.

The fact that neither Leyland

nor Volvo has fared well since
then suggests that there is a great
deal of force behind the argu-
ment that medium-sized pro-
ducers in Europe are being,
forced Into a corner. The battle
has been going unmistakably to
the big battalions in recent years
— Ford, Fiat Volkswagen.
Renault and General Motors. If
the trend continues, and the big
battalions grow even bigger as
they grow- more multinational,
what place will they leave for
their smaller competitors?

Citroen’s progress in the past
three years offers. 3n Intriguing
possibility of survival. Only a
few days ago it paid back the
Frs.lbn. loan (£llim.) which it

raised from the Government
during tbe crisis of 1974. It no
longer needed the money because
it had been able to restore its
normal lines of bank credit. “ To
be in debt to the state was like
being in debt to a pawnbroker.'
I was not pleased to be living on
the silver plate of my grand-
father." says George Taylor,
president of the group.

Under Taylor’s stewardship
the banks have been able to see
a steady financial improvement.
In 1976. the company made a net
profit of Frs.297m. (£33m.), after
tax credits, and it will be in the
black again in the 1977 financial
year, when it will be paying
normal rates of tax. At the same

I"

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time, production haff advanced
steadily. It was up last year by
S.5 per cent, ro S04.OO0 units (in-
cluding 6S.OOO small commercial
vehicles), and now stands at 35
per cent, more than the 597,900
vehicles produced iii 1974.

What is really difficult to judge
in the case of Citroen is how
much, of this success is due to
its own individual efforts, and
how much to the merger with
Peugeot. If the company is
viewed as a single unit. It is still
only a medium-sized producer
compared with other European
competitors. If it is viewed as
part of Peugeot, the two com-
bined rank among the largest

Taylor gives only a few clues
to how the new scale of the
combined enterprise has in-
fluenced Citroen. He himself is
a living symbol of the amalga-
mation, for . he came from
Peugeot along with a* small man-
agement team soon after Citroen
was acquired. This team now
holds several influential posi-
tions in the top management, in-
cluding two places on . the
three-man management Board,
and the directorates of personnel
and finance.

French observers certainly
Teel that this rather limited man-
agement change has bad a
discernible impact on the way
the business is run. The new
: team has brought with it a
sharper attitude to coats— the
labour force was trimmed by
12,000 to 52,000— and tighter,
Pcugeot-style financial controls.
-Taylor emphasises more human
issues, the ways in which
Citroen’s latent energies have
been re-directed and tbe long
process of restoring morale to
the company.

Of particular significance is
bis attitude to Citroen’s fabled
engineering department. For
many years tbe company’s repu-
tation has been based on its
advanced- ideas on car design,
from front-wheel drive to. aero-
dynamics and pneumatic suspen-
sion- But in 1974 it was widely
Felt that the expense of -this
innovative tradition had hastened
rhe ■ company’s downfall Taylor

says that it was close to bank-
ruptcy because it did not use the
genius of its engineers.

He .believes that Citroen's
unique engineering has a central
role to play in the. future. The
company bas pre-eminence in
certain fields, such as aerodyna-
mics and suspension systems.

Citroen’s engineering
department has been
given its head. The
question remains
whether a company
of its size can afford
this kind of activity

whicb- it must use against the
sheer scale of the bigger groups.
“1 cannot compete with Ford,"
he says. “It makes 5m. cars a
year and we make 800.000. But
you don't use the same weapons
if you. are a different size. Car
companies are like women. Some
are fair and some are dark. Some
are large and some are small.
So they do not dress the same.”

Tinder Taylor’s direction,
Citroen's engineering department
has undoubtedly been given its
head. The company has signed
a deal with Rumania, whereby it
will design a completely new
and different car for the
Rumanian market, and new
vehicles for France -are in the
pipeline. A diesel engine has
also emerged since Taylor
arrived.

The question nevertheless
remains whether a company of
Citroen's size can afford this kind
of engineering activity. A simi-
lar argument is currently raging
within British Leyland over
whether it should break up its
engineering facility and put the
pieces under ihe control of tbe
proposed new divisional car
assembly organisations.

Taylor's answer to this con-
nandrum is ambiguous. Hq_con-
cedes that one of the objectives
of the merger with Peugeot was
to combine some resources. For

example, the two companies have
announced a joint component
manufacturing project. and
Citroen has used a Peugeot body-
shell (from the 104) hung onto
its own mechanicals to create its
new LN model- But the engi-
neering links still remain tenu-
ous, confined to a small working
party on advanced projects.

The most likely result is that
there will be a gradual integra-
tion between the two companies,
starting in non-controversial
areas. The financial function is
already co-ordinated; but tbe
progress towards combined engi-
neering will take much longer.
“ If there is to be integration it
has to be very gradual, and it
< depends on the department,” says
Taylor.

Citroen and Puegeot have in
some ways been lucky. Part of
Citroen’s problems in 1974 was
that it was caught in the middle
of an expensive investment in
its new CX model the luxury
car which was to take over from
the Fabled DS, at a time when
markets for big cars were fading
But the market has now come
back, and the CX, with annual
production running at 120.000
units, has proved a big success
Nor does Citroen, making about
the same number of cars as
British Leyland with fewer than
half the labour force (52000
against 130,000), have the U K
company's industrial relatione
problems.

But the Citroen revival does
indicate that the merger is work-
in S- Taylor also believes that
the success of the Cx has pro-
vided what he calls the inr£

motive” to pull the company out

of troubie and give the rest oF
tiie range more exposure
Perhaps if Leyland could set it
own locomotive — the new roJ£
range-out Of Us factories ’m- real
volume, it would provide nfi

;«« K » .tally nSST Afte?

all. the Mini is only ig years am
while tbe Citroen JSr"2S;
going strong, is i n i ts 30t h yo ^

PfRvXCKL Tltifi. PUtillxhril (4nii, a .

«*» and talicUi*. u a £,hSI£ f*"? !»un-

«ir r ES‘ l P ^? »k«

BUILDING SOCIETY
Announces that with ctYcct from 1st February, 197S,
the following investment interest rates w ill
apply until further noticc:-

O N BALANCES ON EX jSTf jVG
ACCOUN TS AT t Isr JANUARY

Share Accounts 6.00% r .:u = 9.09°o*

Deposit Accounts 5.75% r .. ( . = 3.7 \ % *

Build-Up Shares 7.25% r „,. = 10.98!%*

Bondshares ( f*h jsmt ;

3 year term T.UU’Y. p. tl . = 10.6 IV*

2 ykartekm — 6.50 l ) t , r .. t . — 9.85V*

R 1 ATI- 1 n S Issl :,Ji ) ,V1 l-RIM*

RA I.Rl DLLLIi Ki l».7ir-., P.A..DIF1LRLN l l.\LO\ i.R
1HL BASIC SHARI-’ R ATI; BUNG THUS MA1NTAIM D.

ON ALL NE\V I NVESTMENTS

INCLUDlNCTMO NjEVADDl-m-n
EXISTING ACCCH 'NTS
Share Accounts

Deposit Accounts

Bondshares (6th issue)
3 year term

— 3.5u l \.

p .*. -

K.rV^*

— 5.25‘‘.

1 p..t. —

7.vy’„*

l'- 1 - ^

— 6.50. '.i

p.j. =

6.iKr 0

T-*-~

yxWo^

IRAQI' \I s Av-lMf \|.

untluncei -

At Cnd ot 5 ycUMXjIlivjliiK ,n; S.3ir'„ .

■itadrfzyoaevwfcmio: 8.62 ,, ,l

•Vhoiiwwtai.pii *hMc,ii,,4 iri

SEE Y NATIONAL

Ajrtl * tommy youiW xixkv.

AhKi H vu ».l^kc. W . . ,

fUva..U-ua>.'qN l \\ ii-JO,

>0-°

k

'ss

, Times Friday Jaimaiy 27 1978

‘Real progressi on the
stalled Mideast talks

BY DAVID LENNON

TEX AVIV, Jan. 26.

Bahrain to
alter dinar
parity with
U.S. dollar

[AID FOR JAPAN’S SHIPBUILDING INDUSTRY

It looks too late for small yards

BY DOUGLAS RAMSEY

TOKYO. JatL 26.

JAPANESE SHIPBUILDERS Another small yard. Kayasbikane felt the pinch first and are not In fact, since most of the big

II r J : . t, ,

1 1 !'

I An official change ir
Mr. . Khaddam. speaking in a ' of the Bahraini dinar

I An official change in the parity ap P ear ^signed to serapplng as Shipbuilding, asked its trade large enough to guarantee u life- yards are only working at 50 per
THE Israelis and the Americans- U.S. officials here were ex- Mr Khaddam speaking in a of the Bahraini dinar to the US. as 50_ per cent, of their union to-day for permission to lime ” employment benefits to cent, of capacity and expect in

believe that real progress has pressing cautious optimism interview with the Lebanese dollar i>lH be announced by the existing amraal capacity by the cut the wages of its 2.400 era- their workers. the next year the ratio will fall

jjera made towards agreement about the prospect of renewing weekly magazine A1 Hawadith I Baljrain Monetary Agency an t - n “ J of ev 5 D Pjoyees by 10 per cent, this year. The recession in Japan’s ship- to 30 per cent., the backlog

oo a declaration of principles for the political talks within 1 Sfc few tu-dav ftrmlv relucted the nossi- i Saturday morning, it has been >ards wtil_ have to operate at well The union, fearing the alterna- building industry has got far could last Into early 1970.

on a declaration of principles for the political talks within 1

a Middle East peace settlement, weeks. bility of an

Mr. Alfred Atherton, the U.S. Israeli concern about the pos- dent Sadat.

hilitv nf Wme^tinp-with Pr«i ' canfinn9Cl ,n DOIM we, , uw *“* '■ummhi wr«iw' u»e-i

dent s°rt ^ meeting 'Witn tresi , Thomas reports. Informed sources unless there is a dramatic turn- agree.

Bahr a in. Doiha bel nw

reduced capacity tive— bankruptcy— is

fearing the alterna- building industry has g°t far could last Into early 1979.

iffff 1 gp- ,'> 5? .ar^ i Bfgun* ^» ag{Li«gig»-« — - mSuTE 5 m irZCZSCySS SWISS \ 8 SiSZS? 3 VRn&W

(be Israelis for the past week. Mr tLJL °meetins « ^ s i?5 n i„_. sh _^. 1 SDRs rather than to (he day, the Shipfauildere -Assoeia- bp . t lls bankruptcy has instilled priced out of the market and lfl switch lifetime employees to

t0 worse since the yen’s appreciation The integrated companies, for
op foreign exchange . markets, example, Mitsubishi Heavy Indus-

in Bahrain suggest this could be about t^SJTSSPl fortunes. Hashihama was not a major Sinees^p «ZBT« S*tod tfeTare

«h£ he C nSwh a W s^ “fi ^r 8in Ath t erton ay ' 8 ***** The United Arab Emirates Cur- SK£ J KiKSt r^te^VoTurYencY^out S^havVencoumcred'

• very good understanding or whal A e Israeli leader expressed J“ d don d ' thit SSS will reS?y BoaS? ‘will aL^nncSice u3i SdSi'dant ^3 B “3 I1 E *! oSnvarff “S i OV 5 r ?, menl officl ? ls }° ?? tab ' y * in ^ Mse - *®

Israeli views are." his opposition to the idea of * 2r 3 new parity for the dirham on S^nowS^and sized and larger shipyards. In revert to dollar contracts. In Mitsubishi’s booming car sub-

After a 90-minute meetinc this Washinetan asreemo to sell any summit if Qatar is expected m ® D * ; ■ the first category, Sasebo Heavy 1977, as a result, the volume of sldiary). Smaller shipyards like

; morning with Mr: Meaahem advanced aircraft t? the Arab -JJJLjgj!!* SaJSi 10 foll °^ sult w5Ul the' riy£. Sr SmIo replaS^ld ones But ^ dU f lrieS bas - aske[i J f s . 6 - 3( * > ' ship export orders placed with Hashihama (and several smaller

Begin, Israel's Prune Minister, as States. At the same time he said s E$£ >aa * S ,ssued by Saudj The upward revaluation of these {S, fcndustr/ leadere ° esoert member umon for . Peroussion to Japanese yards fell by about 40 ones) are more exposed, and to
. well as the Foreign and Defence that he had no doubt that the AxablIL currencies is expected here to be overt? n^fnr carry out wage cuts and a jihased per cent to 3.5m. grow tons judge from Hashiharaa's demise

. Ministers, he said he experts to U.S, would fulfil iis long stand- Reuter adds: Arab hardliners slight, in the range of 3-5 per fnrmah to rescue tho man?«niRi reduction 10 1116 workforce by (compared with 2 An. gross tons the Government’s attitude in
. be .taking these views to Cairo ins commitment to supply Israel announced plans to-day for an cent Official dealings in these f“ g, ^Jr_ nw , h ?iK ***£ wer tbe b6Xt 15 mon ,ths. the year earlier). The Japan future will be to let the yards
next week to see what the with new war planes anti-Egyptian summit in Algeria, currencies were suspended od L ® njrru me v The major yards all have plans Ship Exporters* Association go broke and not rescue them.

Egyptian position is. Mt Atber- Lhsan BUaji reports from The two-day meeting was set Wednesday. B hiobuiJder s met shortly t0 0x1 their shipbuilding pay- (JSEA> recently noted that the The smaller yards would

ton will go to Jordan for consul- Beirut: A crisis and disagree- for next Thursday. Algeria said c e Jh *^5 after several vards announced rolls. According to a recent drop tn new orders was particu- benefit If Tokyo made a conscious

■ntinn «i»th K'lnn Unorain .... , j-TZiT: j T Kr, SSUdl risal WhlCD 113 S been Pe- P a‘ Lcl ac vex a. «uuuuui.eu . .. ..., ■ IsrlV ctPpn lot®* in th® von® T

=“ ussuhuj-jk: ^T’S.'ZS'&SP s, r w *-?*>

shipyards. In revert to dollar contracts. In Mitsubishi's booming car sub-
Sasebo Heavy 1977, as a result, the volume of sldiary). Smaller shipyards like

'SSL 7i/i C rt n®c ^ SS • Industries has asked Us 6J00- ship export orders placed with Hashihama (and several smaller
Sm ^,,«trxZ ^ uLSlS.®® member union for permission to Japanese yards fell by about 40 ones) are more exposed, and to

Egyptian position Is. Bit- Atber. _ _ _ _

tan will go to Jordan for consul- Beirut: A crisis and disagree- for next Thursday. Algeria Mid 1 cJitS; *f!5 ! after sevnrai ”*vards"' announced rolls. According to a recent drop in new orders was particu- benefit if Tokyo made a conscious

tation with King Hussein over ment appears to have developed that Syria, South Yemen, Libya ^“di nyai wjucb has been re » ang for feu^Lscaie reductions survey by Nihon Keizai Shimbun. larly steep later in the year. e ffon to stimulate Japanese de
the. weekend and will also meet h®tw®®n Svrin unrl .TMJan nur and th® Palestinian TJberatinn I ^ “ ue r dOOUt “ P er cenl - Since H J th® ata>,t hinppe* chinhmldonc 3Qu was down 5S oer cent, in the m,nrl tnr Rehinn Knpte .nil lha

reports

the. week-end and will also meet between Syria and Jordan over and the Palestinian Liberation , a,ue ? “f

urith th® American amhsAvaHn® -Dmni/).., umji. DraoniMti®® umitlH ot+®nri Tran ,a *i -‘'U 0 USL

with the American ambassador President Sadat’s Middle East Organisation would attend. Iraq. I
in fhe region. ' initiative. . ‘ the leading hawk was not men- ranea rf

Mr. Moshe Dayan, the Foreign For the first time in two years, tinned.- : bdo.383

Minister, said to-day that agree- a Syrian offiaal has publicly Meanwhile Arab military ; ^ gj

in their workforces. Most dras- the eight biggest shipbuilders | na dow J 1 58 P® r cent- in the man d for fishing boats and the

for the Bahraini dinar I tically. the Hashihama Ship- reckon they will have 25,000 too T P n%c° d ° Ver ^ like, but the home market shows

between BD0.S73 and building Company said last Mon- many workers by early 1979 if same period in 1976. no signs of recovering in 1977.

... : BD0.3S3 to the dollar, compared day that it will dismiss all its the world ship market -does noi A more alarming statistic In ‘in fact, the tonnage of ships

military ; ^ BD0595S last Saturday. The 707 ' workers, in February after pick up between now and then, the industry is the 9.4m. gross launched by the seven largest

!UX

meat on the declaration of prin- criticised the Jordanian attitude sources told Reuter In Beirut . indicated rate for UAE dirhams its. failure to get State or bank At Kawasaki Heavy Industries, tons worth of back orders on shipbuilders for the domestic
ciptes is within reach, provided which has been favourable that lack of spare parts and , ranged from Dh3.755 to Dh3.7S5 1 help to avert bankruptcy. The some 2,500 jobs could be cut. At Japanese books (at the end of market fell by 75 per cent, (from

lha Fin>nti«n« Hn Tint srtlfirinllv ,v. Iff. * mnintannnfui havo ®n®n®ri I J .U. r MitniViielii TIbbbu Inri.irtrisc „ MnuvmWX Wn.lri.. * r.,11 i 4..., Wi AAn

ibe Egj'ptians do not artificially towards the Egyptian leader. Mr.' maintenance have opened gaping \ compared to last Saturday’s rate sbinvard sought protection from Mitsubishi Heavy Industries as November). Working at full 1.4m. gross tons to just 381,000

(n- tn .until nr itat*.- it X JX-vK-l: Vinl®. i. ffmmt'e sir li^fprlM I DhtOOCt ... . , I. • .. C nnn At] «u:- r....... a_ ..lx . lx,. . 1 ■ 1

try to avoid or delay it. Adbel-HaJim Khaddam. Syrian holes in Egypt’s air defence] of Dh3^9S7.

The minister said that if the Vice-Premier and ' Foreign screen and reduced the country’s B

Egyptians -did not agree to Minister, said the- Jordanian military capability to its lowest I Namibia talks
resume direct; 'political talks, stand was incomprehensible level since the 1973 Arab-Israeli \

then there would be 'Indirect because it did not serve .the war. ’ .. T ,*L, ve western members of

1 talks. . • Arab interest or that of Jordan". 1 The sources were said to be ^ rounefi are hop-

Y43bn. in : debts last December, many as 5,000. All this, of course, steam. Japanese yards could gel gross tons), while those launched
but has decided not to pursue on top of large-scale redundan- through the entire ship backlog for the export market fell by a
the matter in court and instead cies at the major shipyards In six months or less (present relatively less awesome 31 per
. reached agreement with its trade among workers from sub-con- capacity in the industry is esti- cent, (from 7.7m. gross tons to
union on the yard’s closure, trading companies which have mated at 19m. gross tons a year). 5.3m. gross tons).

■aiiwa. . juau imcirai vi inui ui tiuiuuu. * ^ r ■ _ - rt JI — nnn 4«n,® ,.j*l Ca«*Ii

{Israeli Deputj’- Prime Minister Last week-end, the government from a pro-Egyptian country and, 1 *".*® iSmfhia anSim^

Yigaei Yadln said in London in Amman issued a statement familiar with the Eg)Ptian : f

iig4CJ lawn aoiu III Axuituuu in Amman issuea 3 souenicui wuumr Wi-tu ixxc Npw Vai-Ic nn ahmir Pehnrarv

yesterday .the Cairo military expressing support of President defence establishment They*® our p ore i gn staff writes!.

j negotiations between Israel and Sadat's decision to suspend talks described ‘ the

, Egypt will reopen next week, with Israel and calling upon the Egyptian armed forces
AP : DJ reports.].. Arabs to rally around him.. “dismal."

Owen faces tough Malta talks

“I ! According to sources in New ^

35 York, the meeting would be at
ambassadorial level and would
prepare the ground for talks be- ‘

tween foreign ministers of the JAPAN
five and Mr. Pik Botha, their exchange

Tokyo eases foreign exchange controls

TOKYO. Jan. 26.

will ease, foreign payment for imports will be set transactions under the standard to bold foreign exchange of up to
controls, further ®t one year and six months settlement system. Y3m. equivalent in domestic

South Afriam counterpart, four iih»raiiKin« fmmrti ®f imlri and respectively, under the new in future there will also be accounts. At present residents,
II YV CM lUtlifll iVJL ill Lit days later. At the same time. , ^rren^y deoo^ts, \he no limit on the amount of-foreign with the exception of some cor-

Tf ■ _ the five would hold “proximity foreign currency deposits, tne A present prepayment is in exchange resident travellers can porale residents, can keep in

talks" in New, York with Swapo, Finance Ministry announced .on principle banned, with the ex- take abroad. At present amounts accounts in Japan onlv “legally
-BY MARTIN DICKSON - .• . the Namibian nationalist move- Thursday. The ministry officials ception of machinery, for imports of over S3.000 require foreign obtained foreign exchange such

• ,. ’ menL gaid the • new measures would of more than YIEm., while the exchange bank approval. as that brought back from foreign

THE ALREADY difficult talks gain international acceptability* gulf separating the Patriotic No oil Drice rise take effect. from April 1. deferred payment limit is four The limit on; overseas remit- travel."

In Malta next Monday between cannot bring about a ceasefire' Front and 1 the internal talks.; • c ai . months. 1 - tanees not needing approval will Individual residents, if they

Dr David Owen, the Foreign in the guerilla war and will not. But the dilemma facing Dr. The crude oil- price, currently. Th .® measures would allow Advanced and deferred settle- be raised to Y3m. or about receive Bank of Japan approval.

Secretary and Rhodesia's give peace and stability to .an Owen can only become more “ frozen ’’ at 512.70 a barreL is I Japanese to. import gold worth ment limits for exports will re- $12,000. from the present $3,000. will be able to hold foreign

Patriotic Front, are likely to be- independent Zim babwe. ■ Dr. acute, witfr Mr. Smith on th*, unlikely to be raised prior to the , n p to YSm. ($12^00) . without main at one year and six months' The amount of Japanese cur- exchange accounts overseas. At

came even more problematical Owen pointed out in the Com- one hand and the Patriots on, next full ministerial conference _ overnment - respectively, the finance ministry 1 rency travellers can take .over- present only certain corporate

the five would hold “ proximity foreign . currency deposits, Ihe

*nlL-a " in Vn-t- Cnnn- Ttnanu’ VltliCtrV qnnminppri nn

BY MARTIN D1CIC50N

tuuic even U1UIC piu,nuuo,Ru, yncil UUiilieu uui 111 wvui; — - . . . — , . «» t].h«,™n 6 U»wumcui

if an agreement is announced naons on Wednesday that the the other urging him to lea P ; gLJJi i£??5EKh 2L °L The standard trade settlement

from the separate “Internal"/ British Government. which their way. •_ j E^P°nmg ; Countries on_ June_ la, I ^ Tne standaru ttade^ settlement

' Sena IndSt "ilflTn-l- the liaUtt tor adnaeed and deferred la^r ^ OTl^r Winkle

Set i°t£e ! PatSotic°fYout, h?s P " Rhodesla ’ WOuld Pat?S5c *TiSt 'u 1 brought AP ’ DJ reports from Vi « nM ' ’ ’ ' "

M Bi-o<i«da = a «. j.» Kd'SSS loan Somali cantive identified

ilta to dissociate himself of almost 11,000 whites during ins and that it is difficult to see A big West German soft loan has VU|TM Y Vr lUVUUUVU

lequivocallv from the Salisbury i®" 7 lb rough emigration— the fair and free elections being ] completed the finance arrange-

Iks. He told a news conference largest such loss la the held while warfare continues, iments for the £60m. reservoir

Lusaka this week that the country's history. Official- Mr. Nkoruo’s wing oi the on Kenya’s Tana River, thei A CUBAN caDtured hv Somali, nnsitlnns nur the mountain ei tv

But settlement limits will no the present Y100.000 limit

seas will be raised to Y3m. from residents can bold such accounts,

alone can confer legal indepen- But it

Residents will also be allowed Agencies

with central bank . permission.

- leader of the Patriotic Front, has
already indicated that Dr. Owen
will be under pressure in
Malta to dissociate himself
anequivocaUy from the Salisbury
talks. He told a news conference
in Lusaka this week that the
Foreign Secretary's position
towards the internal talks would
* have to be clarified in- Malta
1 before serious negotiations could
begin. If an agreement, how-
ever limited in scope, does now
emerge from Salisbury. Dr. Owen
seems likely lo be under even
: greater Patriotic Front pressure
'■■to condemn ibe internal discus-
sions;

There is no sign of the British
Government doing this. Although
ii is deeply suspicious .if the
Salisbury talks, the belief is

Rhodesia suffered a net Joss

Somali captive identified as Cuban

largest such loss in the held while warfare continues. men’ts for the £60m. reservoir! _ mu UADI SHU, Jan.

5 ts N ^p ra0 ' s . wing of the on Kenya’s Tana River, thei^ CUBAN captured by Somali- positions near the mountain city an ’ assassination alter
figures published yesterday Patriotic Front, in particular, is niggest water development I forces - m Uj e Ooaden war says of Harar Ethiopia two weeks aeo

JL^ regarded as vital to a settlement, scheme of its kind in Kenya. he ls a combat soldier wTth three EthiS'ia has repeatedly denied Reuter 6 '

MOGADISHU, Jan. 26.

CUBAN captured by Somali- positions near the mountain city an ' assassination attempt

Teng on visit
to Burma

By Colina MacDougaJ

creased 12 per cent last year over the past IS months, Mr.
to total 16,638, while there was Nkomo- has- built up - what ob-
a fall .of more than 26 per cent, 'tetters believe is a large and
io the new arrivals to 5,730 — disciplined army, well trained In

ver the past IS months, Mr. other donore are Britain and the, yea rs service in his country’s that any Cuban military person-
k?me has- built up - what ob- , EEC, John Worrall reports from 1 armed ..forces according to nel .were in jbe countrv.

•rvers believe is a large and Nairobi. i Somali . T rtoarters.. who - inter- -The- latest SamaK pstimatessiw ’-'l/iaKion

Somali _.^orters who ; niter ml 9»fgm.SaaM e^j mates ^ ^VietnaiD aCCUSRtk^jr
"VS* - ^ up -V 7^)00 OiSan soldiers are Vjeuia ■ ^ 9rdav att . used ,

I VICE-PREMIER Teng Hsiao-ping.
[third in the Chinese hierarchy,
- (eft Peking yesterday for a visit
[to Bunna. He is expected to go
• on to Nppal early next month.

Phosphate mine ' ^ “SS.«„. beiug heid rn P 'K »°^p^'~

J*S5 1 ‘ nto A.fWkwnt,. observers be- 1o aiL a^eement for a new phos- Orlauda, Carlos... His rapK was 8.000/ ™ “the Wtwmw Reute? VSpom ! Chinew leadership, a trip to two

cUan ^ s of Phate mine complex to be buitt not Siveu.,, .. . lo Paris diploriiatic sources Han0 i S ch^ lhat cTm- countries on China’s periphery

in S uimS™ 18 ^ recognition arc slim. -by the Soviet Union in Morocco,: He was quoted as saying he said ro-day that Mr. Raul Castro, bodian border troops have been is probably a manifestation of

year io aroono Our UN correspondent adds: according to the independent [ was captured four days ago the Cuban Defence Minister, and iold that Vietnam is their the centuries-old Peking policy

— Bngather Joseph Garba. Nigerian daily al-Maghrib. Reuter reports) with several other Cubans when the Ethiopian President Mengistu country's worst enemy and should of preserving a ring of friendly

Pnm mice Inn or fnr Prtomnl 1 fmm R.W.t Cnn,«li (ama. 17«l< I ...L..., , v , - , _ -j

and trying to blame the atrocities 1 “ , 1 ?. Kin ® P 01 J C > ?* l0e . Present
on the Vietnamese. Reuter reports ! Chinese leadership, a tnp to two

i -iin.-uui.i imuu, u<( ■» i_-j Commissioner iui cAinuaj .

'th3l it must wait and see just VhawJilS n» meet l Jii® Affairs and Security Council
whal concessions the internally- fffr* h®”?* 5S® pre^dent this month, to-day

hajied nationalists can gain iniMnUir® the att3C ked the proposed Rhodesian

from Mr. Smith, the Prime Anglo-American initiative. internal settlement, accusing
Minister. Doubtless Dr. Owen, will want Britain and the U.S. of ambiguity

The most Britain has said to to delay, a verdict on the Sails- over Rhodesia. He also urged
date is that any internal settle- bury negotiations for as long as Western powers to take
ment which excludes the possible, hoping that some way immediate measures lo block the
Patriotic Front is unlikely to can be found to .bridge the vast investment of new capital in

Externa] : from Rabat.

Somali forces attacked Etbiopiin Haile-Mariam escaped unhurt in be destroyed.

'states around its borders.

You’ve hearda lotof talk

Sri Lanka
disagrees
with IMF

Tunisian emergency
in wake of strike

M

By David Housego

COLOMBO, Jan. 26. -
BR. .1. R. JAY AW ARDEN E, Sri
Anka's Prime Minister, con-
inned to-day that his Govero-
neni had been in disagreement
vtth the International Monetary
‘'and over a package of loans to
apport measures to liberalise
be economy.

He said in an interview here
bat the IMF had wanted the
ihasing out of all subsidies in
•w ember and an increase in
ice. wheat and transport prices,
■his was politically unaccept-
ble.

The Government, he declared,
itended to phase out subsidies
at ** the timing must be ours."

TOE • TUNISIAN Government
declared a nation-wide state of
emergency to-night io the
wake of riots during a general
strike.- Tanks were used
against demonstrators and a
curfew was imposed.

There was no official con-
firmation of the casualty toll
hat unofficial reports spoke of
at least 10 dead and many
injured.

. Shots .echoed sporadically
through the deserted Tunis
streets patrolled by armed
police and military trucks. Un-
official reports said there had
been 1 rouble in the provinces
as well as the capital.

The official Tunisian news
agency accused vandals of
opening fire ' in the capital
“ causing dead and injured

As a result of the disagree- -among the security forces and
lent a proposed package of a •

. TUNISIA, Jan. 26.
their assailants." It said
President Habib Bonrgujba
declared the emergency be-
cause of the “ extremely grave
situation.”

The one-day strike was called
by the General Workers Union
in protest against recent
attacks on trade onion offices
and the arrest of trade union-
ists. ■

Most industrial production
in Tunisia was halted by the
strike and many shops In the
dty centre were shut.

Earlier the Government had
responded to the strike by
warning that people in key
enterprises controlled by the
Ministry of Industry, Mines
and Energy could be jailed for
np to two years for stopping

WOTk- '

Reuter

shaioht

I

I

I

land-by loan and- drawings on
ie extended fund and the
ftlteveen facility worth 350m.
pccial Drawing Rights over
tree years was replaced by a
land-hy loan of $S93m. over one
ear. Mr. Witteveen. the IMF
lanaging director, is due to visit
Worn bo this week-end for neeo-
rtions over further support
teasures.

Kaunda prepares Zambia
for its toughest budget

I should liketoknowmore.

BY MICHAEL HOLMAN

NDOLA, Jan. 28.

", . , , I WITH A further series of warn- An IMF visit to Zambia last

Mr. tljvawardene. who becomes { jpgs about the difficulties the November concluded by giving
secutive president ' on j Zambian economy faces this year. Dr. fljunda a frank assessfnenl
ehntary 4 tinder amendments • President Kenneth Kaunda of the country's plight, and

country’s plight.

e has introduced to the consti- > yesterday wound up his four-day observers are expecting drastic
•bon. made clear that be shared « imir of the country's CouperbelL measures in ihe hudeeL

•bon. made clear that he shared | i 0 ur of the country’s CopperbelL measures in the budget
to lMFs concern at shifting \ The President's trip concluded Cuts in subsidies (9 per cent
tavemniem expenditure out of ) his efforts to prepare the country of the 1977 estimates of ejrpendi-
^Ifare subsidies and into invest- j for to-morrow’s budget — widely ture) are almost certain, leading
.... •_ expected to _ b& the .toughest since to higher food prices, including

Tie described his first priority independence in 1964— by taking bread and maize meal, and

* creating more jobs and said a message of austerity and making it unlikely that last year't

ihe Government was looking agrarian reform to what is 25 per cent, inflation rate will
3r this to four krv projects— probably the key political and fall. .

freleratjon of the M^baveli ini- economic region. In addition, cuts in both

ttion programme, development , t Uas a iso a n opportunity for recurrent and capital expenditure
i suburban Colombo and the J nne - political campaigning- a I e PfssiWe. At the same time
water Colombo metropolitan Voting takes place to-day in the J he Government must make up
2«ion. and the proposed free coppcrbelt’s Roan constituency J™ the fell in mineral g amings .

Financial incentives.
Housing.

Development Board for Rural Wales
Freepost Newtown Powys SY161BR

Wiuired by these schemes and 1 Progressive Party (UPP), led of *®»* um P in m PPer Priw-
Government was looking for r uxz lil its banning in 1972 bv Mr. Joan Consolidated Mines

LS>*-

<r" j J

W and loans. : Simon Kapwepwe, the former * n £ Nchanga Consolidated

Mr. Jayawardene said that he j Zambian Vice-President. ,T eport . serous

*8 Prepared lo make the free ! Dr. Kaunda has called 197S difficulties. A seven-

fade zone an area of nearlv 200 f “ the year of economic take-off" m ®® ber gtmnussiQn is due to
Hjtare miles north of Colombo— and maintains that an improve- ™ ,n

capitalists paradfse." He said I ment wifi come by mid-year— a J™*** 0 ?* an ^ companies will .

to Government had. received a ■ view - net shared by many - c,osur6 .°. r j

8r Re number of interested businessmen. J?122!2S Wtb

b^uiries from abroad • These - are frequent signs of unavoidable redundancies.

Further constitutional chances I strain In the economy, and a on OTHER PAGES

V hn brought in include proper steadily increasing import pipe- ' :

pnal representation to prevent j line — goods ordered but not paid International Company News:

Bf m.is^ve swing in votes that 1 for— is now thought to total General Electric 1977 newta

Factories on special terms.

Advice : technical,
management,

marketing/accounting.

Community and
Social Grants.

Name

Company

Address

Development Board
for Rural Wales

9 s rer\rtv*d tn a Owns*. ot| £350m^ with some suppliers Piper manufacturers indicted 24/25
■foremen! at virlnallv even 1 1 having waited toore than a year Farming and Raw Materials:

indepemience. . for payment.

Cyprus ulks with EEC

Ladywell House, Newtown, PowysSYT61 JB
Telephone : Newtown (0686) 26965

FT26/1/78

t£y

4

Financial Times Friday January 27 197S

Wll Kl( W NF.VVS

Companies
upset by
car insurance
decision

By John Wjdes

NEW YORK, Jan. 26.
VEHICLE insurance companies
in Massachusetts have been
prohibited from basing their
rates on a driver’s sex and
marital status, in a potentially
far-reaching decision by the
state insurance commissioner.

This move will strengthen
challenges being mounted
in many parts of the U5. to
the traditional practice- by
insurance companies of penalis-
ing the young, unmarried
urban resident whose car insur-
ance rales are often two or
three times greater than those
of the married adult in
suburbia.

After 24 days of bearings,
the Massachusetts Insurance
Commissioner . Mr. James
Slone, has displaced II driver
etai-slficalions hased on age,
sex and marital status, by five
new categories which are based
more closely on driving experi-
ence.

In most parts of the country,
a driver's premium is based on
the total accident experience of
ail the drivers insured by the
company within his class and
geographical area. The base
rate is then adjusted to reflect
the individual's driving record
and the ex lent to which he uses
his car.

This system Is hringing an
increasing number or com-
plaints from individuals who
recent being lumped together
with the more accident-prone
driver and suffering the conse-
quent cost penalty. The Hawaii
and North Carolina legislatures
already have rate discrimina-
tion based o nage and sex.

Predictably, the insurance
companies arc most unhappy
about this challenge to their
traditional ways and one has
accused Mr. Stone of returning
** insurance in Massachusetts
to the dark ages or a cartel,
system with essentially uniform
rates ami a rating plan dictated
by a regulator.**

New bid to ease Senate
passage of Panama pacts

BY JUREK MARTIN, US. EDITOR

THE DEMOCRATIC and Repub-
lican leaders in the Senate have
worked out a joint policy that
appears substantially to enhance
the prospects of ratification of
slightly amended versions of the
Panama Canal treaties.

Senators Robert Byrd and
Howard Baker — respectively the
Democratic and Republican
leaders in the Senate— have
agreed to insert two amendments
to the treaties when the issue
comes to the floor early next
month.

They are based on the joint
declaration, issued but never
signed, by President Carter and
Gen. Omar Torrfjos. the Pana-
manian leader, on October 14.

This preserved the U.S. right
nf unilateral intervention in the
-canal, should its neutrality be
threatened after 2000, when con-
trol is to be assumed by Panama,
and provided for priority pas-
sage for U.S. ships in times of
emergency.

Sen. Byrd took the unusual
step this morning of testifying
on the subject in front of the
Senate Foreign Relations ■ Com-
mittee, which has been holding
protracted hearings on the
treaties.

His strategy, broadly accept-
able to tbe Committee hierarchy
which must release the treaties
before they can be debated by
the full Senate, is that no amend-
ments should be tagged on to the
treaties in committee, but
should be held for floor action.

An overwhelming majority of
the committee endorsed the
treaties, but acknowledged 'that
they would have to be amended
by the Senate.

Conservative opponents of
ratification have promised count-
less amendments to the treaties
in what promises to be a bitter
fight in the full Senate. But
Senators Byrd and Baker feel
that the chance of passage is
better if there is one all-out
battle on the floor rather than

WASHINGTON, Jan. 26-

staging two such battles, first in
committee and then on the floor.

Gen. Torrijos is reported to
have told many of the Senators
who have been to Panama over
the Christmas recess that he has
no objection to amendments
incorporating, fee October 14
declaration. It was not imme-
diately clear if amended treaties
would have to be submitted to
the Panamanian electorate in a
second plebiscite'.

The Carter Administration, on
the record, has been holding out
for ratification of tbe original
treaties as negotiated, with
perhaps the addition of riders or
some other devices reflecting the
security concerns expressed by
the likes of Senators Byrd and
Baker.

But there have beeD signs
behind tbe scenes that tbe Ad-
ministration is coming round to
the view that the amendments
immeasurably improve the
chances of ratification and there-
fore will have to be accepted.

Radical aid reform proposed

BY OUR OWN CORRESPONDENT

Chile disrupts
progress on

boundary row

%•

By Robert Lind ley

BUENOS AIRES, J an . 26
the CHILEAN foreign
minister, Adm. Patricio
Carvajal, to-day vigorously
rejected the Argentine note
declaring null and void the
British Crown's arbitration of
the beagle channel boundary
dispute.

The Chilean move took the
Argentine authorities by sur-
prise. It had been understood
here— after the summit meet-
ing between the Argentine
president, Gen. Jorge Virtela,
and the Chilean president,
Gen. An gusto Pinochet, at
.Mendoza. Argentina, a week
ago— that the dispute was to
he frozen Indefinitely, and
that, to contribute to this.
Chile would suppress its
earlier decree accepting the
arbitration decision which
awarded three islets near
Cape Horn to Chile.

The reverse in the progress
of the negotiations on the
dispule. which the Chilean
rcjeelioii signifies. Is expected
to cause a resumption of
bcligerent statements from
both sides. These had been
slopped since it was announced
that the presidents would hold
a summit.

The sudden worsening of re-
lations seems to have put Gen.
Videla in a delicate position
vis-a-vis the commanders of
the navy and the air force.
There are already assertions
that he was taken in by Gen.
Pinochet at the Mendoza sum-
mit.

THE LATE Senator Hubert
Humphrey's last piece of legisla-
tion. introduced in the Senate
yesterday, proposes radical re-
forms in the U.S. foreign aid
bureaucracy.

These include creation of a
new Government agency, called
the international Co-operation
Development Administration,
which would assume the func-
tions now carried out by the
Agency for International
Development (AID), other State
Department units, such as the
Peace Corps, and segments of
the U.S. Treasury now involved
with foreign assistance.;

It would also set up. a new-
international Development In-
stitute inside the Administration
to oversee activities, such as
those performed by the Peace
Corps and to co-ordinate them
with voluntary and humanitarian
private programmes in the same
fields.

The ICDA would be indepen-
dent of the State Department,
which AID is not. and its head
would report directly to tbe
President

The voluminous piece of legis-
lation also lays out basic
standards and goals for adminis-
tration ‘of ■ the foreign’ aid pro-
gramme. It stipulates that tbq
poorest nations deserve the
greatest attention, that assist-

ance should ensure that basic
civil and human liberties are
encouraged, and even suggests
that the U.S. liquidate some
foreign debts, provided that
recipient countries invest the'
money which they owe In
approved development projects.

In so far as Mr. Humphrey’s
Bill would streamline and up-
grade the foreign aid bureau-
cracy. and thereby underline tbe
U.S. commitment to external
assistance, it appeals to the
Carter administration. But it
also contains -provisions -phlcfa

WASHINGTON. Jan. 26.

are less easy for the executive
branch to accept sucb as specific
congressional mandates.

With the presence in the
Senate, at least until January of
next year after a by-election in
Minnesota, of Mrs. Muriel Hum-
phrey. his widow, it may be diffi-
cult for the Senate hierarchy to
ignore the BilL Mrs. Humphrey
has “promised to play an active
role in the Senate, having been
appointed to the vacant seat by
the state governor, and did not
rule out contesting the by-eleo-
Jiqn in November.

Water chemicals warning

BY DAVID BELL

THE U.S. Environmental Pro-
tection Agency has warned that
water supply systems In many
large “UB. cities have exces-
sively high levels of chemicals
which are known causes of
cancer.

Mr. Douglas Costle. the EPA
administrator, said that a sample
analysis' of water in U3. cities
showed that 25 per cent- of. diem
had high -levfel£.-£f CardnOgetfic?
chemicals and. that 21 different
known or suspected carcinogens
were identified.

' WASHINGTON. Jan. 28.

The EPA said that it was par
ticularly worried by a group of
chemicals formed when chlorine
is . added to water to kill
bacteria. The use of chlorine
to purify water supplies is com-
mon all over the world, the
agency said.

The chemicals thus formed
ate known as trifialomethanes, or
thms. and the f £RA .is proposing
'ffiaY-' -cities wttMih--Tnay have
dahgttrous wat^r- -should instal
charcoal filtratibd systems forth-
with.

More Belize talks soon

GUATEMALA and Britain will
resume formal negotiations
about the future of the British
colony of Belize In Washington
at the beginning of February,
the Guatemalan Foreign
Minister, Sr. Adolfo Molina
Orantes said to-day. He denied
Press reports of a secret agree-
ment for the partition of Belize,
or for ' tbe construction of »
S50m. oil refinery in Guatemala
by Britain and the U.S.

Reuter .

Hugh O^Shaughnessy writes:
The UJC. Government continues
to trust that a package of con-
cessions will finally persuade
Guatemala to relinquish its
claim to sovereignty over Belize.
A British package would contain
concessions of some Belizean land
and help for some Guatemalan
capital project. If oil were dis-
covered in any Belizean territory
ceded to Guatemala, it is hoped
in Whitehall that the Guate-
malans would share any benefits
with Belize.

Whitehall spokesmen have
been at pains to deny reports of
a reactivation of long-dormant
Afexican claims to northern areas

GUATEMALA CITY. Jan. 20.
of Belize. The Mexican position
continues to be one of support
for any solution to the U.K.-
Guatemala differences which
finds favour with the Belizean
electorate.

Meanwhile, Mr. George Price,
the Belizean Premier, left Lon-
don to-day and is expected to
step up his search for a firm,
commitment of troops’ from Com-
monwealth and other countries'
which could be sent to Belize "If
the British garrison-.wece-to with-
draw. " *

S. Africa ‘leak’ row

A group of U.S. Congressmen has
accused a South African embassy
official here of attending -a secret
State Department briefing which
they received recently on South
Africa, according to a letter made
public yesterday, Reuter reports
from Washington. In a sharply-
worded letter to the South Afri-
can ambassador, Mr. Donald Sole,
the Congressmen charged that a
member of the embassy informa-
tion department attended the
meeting .last week, despite prior
announcements that the briefing
was only foe Congressmen

strike
into fourth day

President Anastasio Somoza of
Nicaragua called an emergency
Cabinet meeting yesterday as a
general strike went into its fourth
day and opponents called for his
resignation, agencies report from
Managua. Tbe strike was called
to back-demands for a full investi-
gation --Into .the 1 murder this
month of an opposition newspaper
editor. 1 Dr.’ "Peart) " Joaquin
Ghampiro. The stoppage, backed
By ’labour unions and employers,
shut down most. private businesses
end dilt’off supplies- of pasteurised
milk.,- ‘

The officially-recognised .political
apposition has called on Gen.
Somoza to resign. But the mayor
of Managua made a national radio
broadcast in which he claimed
that the National Guard, which
-serves as police and army,
supported the President.

Meanwhile, eight women, who
say that they are mothers of
political detainees or activists who
had mysteriously disappeared,
have begun a sit-in at the
Managua offices of the UN to
demand an international investi-
gation into the fates of their
sons. .

ARSON IN NEW YORK CITY

Burning away the property tax base

NEW YORK CITY has more
than its share of problems: the
much-advertised fiscal crisis, un-
safe schools, cuts in the law
enforcement and fire depart-
ments, potholed streets and huge
corporations leaving the city and
taking money, jobs and taxes
with them. But they all pale

next to New York’s biggest pro-
blem: arson.

In New York City alone there
are about 20 fires a day resulting
in property losses worth $1.3bn.
and indirect costs, from aiedical
care and the loss of employment
and business, of $4.Wbn. These
figures are 40 per rent higher
than in 1975.

Power failure

A 1,000 people have died, in-
cluding 45 firemen, and 9,000
have been injured. Altogether
1,037 fires broke out during the
night that followed the blackout
caused by a power failure last
year.

There are three kinds of arson
plaguing the city, Arson can be
committed for profit by collect-
ing insurance money. It is,
secondly, a means tn jump the
housing *ueue, because the
welfare departments put fire
victims first on the. list Tor relief
housing and medication and a
fire can cut the waiting down
from montbs to virtually nothing.
The trouble is that once the build-
ing is abandoned junkies, prosti-
tutes and street gangs who use
the buildings will often put it

BY CAROLINE HYDE IN NEW YORK ■

to the torch for fun or cover upflated values. They choose build-
their activities as they leave tbe -mgs that may have had fire In
building. The third kind of arson, one apartment only and have not
pyromania, can occur when been too badly -stripped. One
ghetto residents want to let off more fire in one more -apartment
steam. is all that is necessary to have

Whatever form it takes, arson the total destruction taken- care
is burning away the real estate of by the property stripped- The
tax base in large sectors of the building's insurers then write the
city. For instance there are now cheque.

4S0 derelict acres in the south ^ mode of muduct in tte

^hStto'^w 0 -, with ghettos is slowly being checked

ghetto, now a no-man s-land with th arson ctrikp force The

blackened buildings, vacant lots ^ he of X f^eeUM?.' Mike

nF hiHM^np^^nn^tPTi^nt Conners, a former firefighter

of buildings. One tenant has put tawyer and chief flre marshal of

a huge sign over the door to i her ^ Fife DepartmenL Before he
butiding— people still ltve here to(jk Q there were fower tbM
-to tell passerby tha^t is not M filtmars hals in the five

a place to burn in spite of its boroughSi Now there ar e 125

appearance. men who, after intensive training

Until recently this land yielded an jj equipped with guns, hand-
taxes and was covered with in- cuffs aTld bright red baseball
habited buildings. Now there caps, patrol the target areas,
arc L200 vacant buildings still
standing. They have- fallen prey . , , j ,

to the “strippers,” who make it Abandoned DUuOUlgS
a business to take out the _ „ . .

kitchens, bathrooms, copper pipes Tbe - tdea is- n ° t , new : bul

and other saleable commodities, pntiols hitherto had only pushed
The Bushwick section of Brook- the fire raisers to areas other
lya has 1.000 vacant buildings than those being patrolled,
and 450 vacant lots. Brownsville, Since _ they began operating in

Bedford-StuyvescenL East New August m the south Bran* Busb-
York and even -the Lower East wick and Bronsvtlle— the hardest
Side of Manhattan have equally hit areas of the ciiy—ttae number
alarming figures. of fires has dropped 40 per cent.

The tax arrears maps for these and fires' in abandoned buildings
areas are virtually all coloured are down 70 Per cent^-this in
tn and the city ‘planning office a city that had 4-4,467 alarms
estimates roughly that 30,000 last year. One wonders if New
dwellings are abandoned every York’s boroughs would now* took
year. For some years dummy as though there had been a war
real estate corporations have if these men had started ten
been buying these abandoned years ago.
buildings in marginal neighbour* Insurance companies are Of
hoods and insuring, them .at in- course most involved- , t J -a.roafly ,

l

of tbe major weekly magazines
they have taken full page adver-
tisements saying “I burned my
business to the ground. Thanks

America for helping pay for it"

The advertisement goes on to
say that arson cost over Slbn.
last year. It also indicates that
ove- 20 per cent, of the fires are
thought to be due to arson, but
only in 3 per cent, of the cases
are conviction obtained. it
explains bow the reader's insur-
ance premiums are. going up
because of this, and urges him
to put pressures on officials to
classify arson as a major crime
and push for uniform national
laws.

The professional arsonist is
said to earn S30.000 or more a
year. The fire raiser comes in
many varieties, from the profes-
sional man who has researched
his subject and. is paid 10-20 per
cent, of the insurance claim,
taking half in advance,, to the
14-year-old ghetto street hid who
wiU do it -for six cans of- beer or,
perhaps, $100.

Mr. John Glenn, the Senator
from Ohio and a former astro-
naut in statements at hearings
expressly for the purpose of
alerting the public to this
problem, said: “These Is in-
'creased evidence of- the ‘involve-
ment of organised crime" He
also said the epidemic Is spread-
ing from "rundown areas of
major cities to suburbs and rural
areas." An insurance expert,
Mr, P. Fisher, claimed that arson
accounts for as much as 50-55
per cent- of fire insurance

WORLD TRADE NEWS

Healey and
Dell meet
Ushiba

By Our pprtign Staff .

MR. NQBUHIKQ Ushiba, the Jap-
anese Minister for External!
Affairs, arrived in London yester-
day. He attended a working
dinner given by the Chancellor
at No. II Downing Street at j
which Mr. Edmund Deli, Secre-j
tary for Trade, also participated.

To-day Mr.. Ushiba will meet
Dr. David Owen, the Foreign Sec-
retary. and have further talks
with Mr. Dell before leaving for
Paris later In the afternoon.

British officials said the talks
were expected to cover issues
raised at the Geneva world
tariff-cutting negotiations under

Mr. Ushiba will also explain
the measures Japan is taking
to reduce its balance of pay-
ments surplus.

Mr. Ushiba came to London
from Bonn, where he assured
West German officials that Tokyo
was doing all it could to cut its
surpluses. But in a radio inter-
view he said foreign criticism
of Japanese economic policies
bad been “by and large justi-
fied." Japan had done too little
in the past to boost imports and
had concentrated too heavily on
exports, he said.

Earlier in the week Mr.
Ushiba participated m the GATT
talks at Geneva.

Davy-Loewy wins £88m
Brazil steel mill order

W. Germany has
large surplus

By Jonathan Carr

BONN. Jan. 26.

WEST GERMANY achieved the
second largest trade surplus, in
its history last year, and its sur-
plus on current account declined
only slightly agafnsr 19761

The results have emerged at
an embarrassing moment for the
government — -just as .it Is stres-
sing wbat it has been doing to
reduce' those-- persistent sur-
pluses, and why it feels it can
do no more to reflate the domes-
tic economy.

The latest figures, issued by
the Federal Statistical Office, are
more likely to be seen as support
for the view of proponents of a
bieger West German reflation
effort — notably in Britain and
the UB.

Last year's trade surplus was
DM38.4bn. — a figure exceeded
only by the DMSlbn. figure of
1974. Exports rose 7 per cent,
to DM 273.5bn. Imports were
up 6 per cent to DM235.1bn.
The trade surplus was DM35bn.
in 1976 and DM37bn. in 1975.

Last, .year's current account
surplus -rri the visible trade
balance less a deficit on services,
transfers and supplementary
iterasl.-„wu9-; DMB.2bn— -against
DMS.5bn. >n*l978 and DM 9.5bn.
in 1975...:

Forecasts vary considerably of
tbe extent of growth of West
German exports this year. The
Government's cautious estimate
is 5 and 5.5 per cent, in real
terms. l£ut it is at least feasible
that a trade surplus about a 4 !
big as that last year will emerge
this year.

Anglo-German
transport talks

By Ian. Hargreaves

THE TRANSPORT Ministers of
Britain and West Germany are
to meet' to discuss common rail-
way problems after an exchange
of correspondence which began
with angry claims that the U.K.
was deliberately setting its rail-
ways at a competitive disadvan-
tage with roll-on roll-off services.

Mr. William Rodgers, the U-K.
Transport Secretary, has replied
to Herr Kurt Gscbiedle. his
German opposite number, reject-
ing claims that customs officials
have acted obstructively In the
case of rail export wagons.

But his letter acknowledges
wbat Hr. Gscheidle had described
as tbe partial obsolescence ♦ of
the British Rati ferry wagon fleet
by conceding that the U.K.
Government view is that re-
investment in rail ships is not
justified by likely commercial
returns. 1

Imports ‘vital’
to Britain

By Christopher Durm

“ BRITAIN MUST import to
live,” Mr. Tom Harrison, chair-
man of the British Iru porters
Federation, said yesterday.

Launching a detailed siudy on
the importance of Britain's
imports, he called for a rethink
on the industry.

41 Importing is the most suc-
cessful activity in the British
economy to-day." he claimed.

The attention whicb was
focussed on certain uncompeti-
tive British industries tike cars
obscured the fact that 75 per
cent, of current imports were
essential to our well being.”
he said.

In the long run, it did not
matter how -much Britain im-
ported in fiinished goods, pro-
vided it carried on exporting
them in large enough quantities.
Mr. Harrison asserted, agreeing
with the study's conclusions.

Pressure from trades unions
and manufacturers for import
controls had to' be resisted. Im-
porters were not a major cause
of unemployment, he claimed
Import protection was expen-
sive and reduced our competitive
ability, it also threatened our
invisible earnings in tbe future.

Mr. Harrison warned that the
current fashion For protectionism
was more likely "to Increase the
size and length of the dole
queues than to reduce them-* 1
The Importance of Importing to
the United Kingdom Economy—
published by the British Imr
porters Confederation. 69; Con-
pxm Street, London, E.C.rL ?.

BY ROY HOD50N ‘

A PLANT contract of £SSm. for
the .Minas . Gerais, steel complex
in Brazil has been awarded to
Davy-Loewy of Sheffield, bring-
ing the total British package of
contracts for the project to more
than £2S5m.

Davy-Loewy has won the new
contract for a billet rolling milL
About £&5m. of tbe content will
be direct export from Britain.
The remainder will cover work
supplied by local contractors arid;
on site.

Sir John Buckley, chair man of
Davy International, said yester-
day Davy and Morgan -GrehfelL
acting as financial co-ordinatore
of a group of European banks,
finalised the engineering and
equipment supply package -for
Aco Minas Gerais SA of Brazil.

The British share will provide
22,500 man-years of work in
British plants and on site. . .

The £8Sm. billet mllL order
covers the design, manufacture
and supervision of erection for a-
semi-con tin nous rolling mil] for
billets on a greenfield site at the
Brazilian complex.

BRITISH SHARE OF BUNAS
GERAIS PROJECT -

British
Total export

Contractors Package value
£m. £m.

Davy—

Blast furnace

Woodball
Duekham— .

Coke ovens
Davy—

' Billet mill
Davy —
Management
co-ordination
British •
Oxygen-
Oxygen plant
Total

59

63

85

23

236

49

52

66

5

173

Part of the mill will be made
in Brazil to Davy-Loewy designs,
but the., majority of the work
will be designed and made by
Davy-Loewy, Sheffield.

Substantial sub-contract work
for the mill electrics will also be
placed -by Davy-Loewy ■ In
Britain.

The serm-wntinous bilelt ir
is designed to handle 2m. tom
of semi-finished steel a year. T
design will incorporate a seco
stage of development to raise t
mill's throughput to 3m. in?
tons a year. It Is due to
commissioned late in 19S0..'

Brazilian steel complex otde r
worth more than £lbn> are. bail
shared between Britain, Franc
West Germany and Brazil, ai
have been concluded in less ttu
one year since the origin

negotiations.

Morgan Grenfell .signed ; 1
external loan to Acominas •
£150m. in December, 1976. ]

.Tune last year Euro-currem
loans- of 3505m. were raised
support the project Tot
external finance is now moi
than Sl.lbn.

Davy International is also lea>
ing a consortium or BntisJ
German, French and Japanes
steel plant makers, engineers an
banks tendering to build an iro
and steel complex in Venezuel
which is expected to cost $2,6bc

Saudi group buys Falcon jets

BY ROBERT MAUTHNER '

THE FRENCH-based Saudi
Arabian business tycoon, Mr.'
Akram Ojjeh, who recently
acquired the luxury liner
“France" for Frs.80m. (about
£9m.), has made a Frs.lbn.
(about £H0m.) deal for the pur-
chase of an unspecified number
of Falcon executive aircraft,
manufactured by the French
company, Dassault-Breguet ■

The contract was concluded by
Falcon-Middle- East- SA, a Swiss
subsidiary of Mr.' Oj jehis Luxem-
bourg-based -group \ Technique
d 'Avant-Garde (TAG j; which aiso
bought the “France."

The Falcon jet has done
particularly well in export, qjar-
fcets ; The ITS,! Coast- Guard
recently ordered 41 of the 2oG
version known as the- Guardian:
which has been specially adapted
for maritime surveillance work.

Mr. Ojjeh is planning an
ambitious project with the air-
craft he has bought His contract
Is reported to include a clause
under which he will promote
sales and the distribution of the
Falcon in the Middle East He
has also decided to create, with
the participation of ,EuroP e
Falcon Servlce^be organisation
responsibly , for marketing, . the-.
aircraft a special servicing and
“ rent-a-plane " ' network for

Falcons ofaU.types in the Middle
East ’■'• - ;

The Falcon ven.ture is not Mr.
Ojjeh's first excursion into the
aircraft field. His group already-

.possesses - 44 per cent of the
capital' of tbe small French
domestic airline, Air Alpes, and
be has financial interests in
other regional French air sen
vices.

Mr. Ojjeh has recently said
that he is interested in creating
both an important regional
Fraxico-Saudi shipping company,
with the- participation' of the-
Frerrch State-don trolled - Com*-
pagnie Genarale Maritime, and
a bi& French, regional aiTlipe. . .

PARIS, Jan. 26.

• ANF-Industrje has signed a
Frs.l75m. contract to provide
the Iranian railways with rolling
slock. Delivery will be in 1970
and 19SO. subject to the signature
of a French banking credit tc
enable the Iranian authorities tr
go ahead with the purchase. Thu
company said It had also signet
a contract extending its. technics,
assistance to the Iranians for the
operation of four turbotrain!
made - by it and delivered tc
-Iran, in 1975.

New hotel venture

^ financial TINES .reported .

~ m - a 1 *

a NEW hotel management com:
pany has been set up by Paki-
stan lnternatioan! Airlines (PIA)
In partnership with the French
hotels group Novotel.

Called Minbal (whicb means
“spring" in Arabic) the com-
pany brings together the airline
marketing experience of PIA
which has a 51 per cent, equity
stake in the venture, and the
hotel management , kpow-how
gamed by Novotel in' operating
a chain of bvar. 3 60": Bid els in
Europe. Africa ' and ..Eoutb
America.- “Novotel"’ ho wytht*
remaining 49 per cent.

initially the new company will
concentrate on the Middle East
area where Novotel already
operates one .hotel in. Sharjah
and where. PI'A f has recently
formed two jdiht- ventures with

local interests to build hotels In
Abu Dhabi and Saudi Arabia. .

Minbal has been awarded the
management contracts for the
latter two hotels and is currently
negotiating similar deals for
hotels in Jeddah. Dharan and
Yanbu in Saudi Arabia, as well
as in Bahrain, tn which PIA will
probably have an equity stake
in the ownership of tbe hotels.
Ip the longer term it is in-,
tended to extend Minhal’s opera-,
tions to Pakistan and Europe.

.. The agreement between PIA
fifid" Novotel is non-exclusive so
that Novotel is not prevented
from setting up Novotel chain',
hotels in the same area as
Minhal hotels, while PIA Ls not
restricted »o using Minhai hotel
management in future hotel
projects.

NUCLEAR SAFEGUARDS

Japan accepts Canadian terms

. BY CHARLES SMITH

. = -'.T-.a-ES.-

CANADA AND Japan to-day
initialled an agreement safe-
guarding .".the .use * ftf Canadian
uranium exported to Japan. This
ends a year-long deadlock and
opens the way for probable co-
operation between the . two
countries in development and
application of ouolear tech-
nology.

Mr. Don Jamieson, Canadian
Foreign Minister, announced im-
mediately after the initialling
ceremony that Canada was lifting
its embargo on uranium ship-
ments to Japan.

The agreement will not be
signed until the' legal section of
the Japanese Foreign Ministry
has bad a chance to scrutinise it,
but no problems are expected at
this stage. . .

Canada imposed its embargo on
uranium shipments to Japan tn
January last year after Japan
declined to accept a proposed
revision to a 1959 bilateral agree-
ment on the peaceful use of
atomic energy which would have
greatly re-info reed earlier guar-
antees against the use of

Canadian uranium for military
purposes.

Japan rejected the Canadian
proposals on the ground that they
duplicated guarantee arrange-
ments already imposed by the
U.S. — which enriches Canadian
natural uranium and re-exports
it to Japan.

A - further problem arose tn
May, when Canada demanded that
Japan seek its consent before
arranging for the re-processing
of used nuclear fuels by third
countries. .

Canada's attempts to tighten
controls on the use of its
uranium were provoked by
India s explosion of a nuclear
device in 1974 using a Canadian
reactor.

The deadlock with Japan,
which has continued to reject the
idea of havtng to seek separate
consent from the. U.S. and
Canada Tor ' reprocessing
activities,., came. in. sight of
solution last November . when
Canada and the U.S. agreed to
respect each other's crueria for
controlling uranium exports.

This made it possible for

TOKYO, Jan. 26.

'Japan -to- continue dealing onlyl
with the U.S. on nuclear safe-'
guard questions while formally
respecting Canada's right to ex-
ercise its own separate controls.

An Important feature of the
agreement is that the safeguards
cover technology associated
with, the Canadian natural
uranium Candu reactor.

Japan appears to be deeply in-
terested in buying a Candu
reactor and in acquiring tech-
nology which would subse-
quently enable it to build and
export its own reactors.

•Japan normally accounts for
W per cent, of Canada's uranium
exports and is itself heavily de-
■ pendent on Canada as the main
supplier for fuel used in its
nuclear power industry.

. levels of capacity utilisa-
tion m the nuclear industry this
>;? a . r have blunted the effects of
the Canadian export embargo,
out some Japanese power
stations appear to have -been
running critically short of fuel
towards the end of the year as a
result of the Canadian action.

Finnish forestry losses persist

BY LANCE KEYWORTH

ALL THE main branches of the
Finnish forest industry again ran
at a loss in 1977, tbe third year
in succession. The outlook for
the current year is equally
gloomy This was the picture
painted by .Mr. Lauri Klrves,
managing director of the Central
Association of Finnish Forest
Industries, at a Press conference
to-day.

The wood, pulp and paper
sector exports about 80 per cent
of its production and accounts
.for about a half of Finland’s
total export earnings.

But the slow economic recovery
in the main export market

t ^c n ?L e ’, within which
the U.K. tops the list — ha'v rnn
founded Finnish hopes for an
expon-lcd recovery

Finnish forest industry export*

s? ^ 2

ra,e fluctuations. *, "
crease last year should h a "
been around 40 per ,. en i
march the level reached ,n 1974
of the boom. 4 -

demand. . the matn reasons i£
the depressed state of the fore«
industry sector are low

Greek alumina,
plant expansion

By Our Own Correspondent

ATHENS. Jan. 2g.
PECHINEY OF France 15 to in-
vest a further StOOm. to increase
alumina production at its nianr
on the Gulf of Corinth, air
George Rail is. Greek Minister of
Coordination, announced.

The investment win
alumina production from ‘
present 500.000 tons a veir
600, COO tons. About 3M.0M to ,£
of the alumina now beine n°^
duced by the plant is converted
of. aiuminluTn -j

Steel trigger
price delay

A TRF4qfr^ T0,V ' Jan * 26-
A TREASURE official iv

enforcement d„e f o r W St

Governments steel t r i V 10

mechanism Hni sUp 88 ^,^^

Tr^ur, “’ b nc r ;, "-Jig

mechanism would hi. p * CG

^iimo7y d ^e^ h ore CO l h“ e 2; u ‘J

HELSINKI. Jan. 26.

high raw material and other
costs, the high debts ratio and
weak profitability of the corpor-
ate sector and. said Mr. Kin**,
the overvaluation of tin
Finmark.”

Thf$i are all factors withifl
Finland’s control. But: tba
Uwvt'rnnicm a measures to stitnu-
J-'Ue Industry and improve rts «n-
lomaiional competitiveness ha v ®
Been too modest, said Mr. KlrvM-
1 lu, * v *l*u came loo late.

utilisation* was

inSU ,0 Pfl nl on average to

STvs; Ei .** Md iw * rt - "

Hong Kong
trade swells

Hrm H 2 NG . KONG, Jar
Hong Kong s domestic
of ¥3.89 hn last year were
cent, higher than exports
imports were £5«Ubiu t
| Per cent Re-exports of J
! Um ‘ up 1Q.1 per CftM
] T «ltie exports ruse 8 p
1 in l “ e face of rising pro
ijsm and fallin™ demand,.

Reuter. The EECL
j accounts fc, r half of to*

J Ports, recently imposed
littms on textile import*?*

I

«rdet

• y Jigancaal Times Friday January 27 1978

— 7 information to shareholders oft — — —

SKE3>?-SodeA.F&niasnnc&ft Telefonica p.a^ Turin/Rome, ITALY SIP— Societa Italians perTEsertizio Telefonico da, Turin/Rome,
TTALCABLE — Servizi Cablografici, Radiotelegrafiei e Radioelettrid S.p.A., Rome, ITALY

The Board of Directors of STET 5 SIP and ITALCABLE have decided, after a thorough review of the cap ital structures of their
companies, to convene an Extraordinary General Meeting of Shareholders of die respective companies to resolve upon an:

INCREASE OF THE SHARE CAPITAL
OF STET, SIP AND IT A LCABLE

Increase of the share capital^of STET and of SEP, partly by subscription and partly free, and increase, wholly free, of the share capital of
ITAI£ABLE, through die issue- and distribution of new ordinary shares each of a nominal value of 2,000 lire;

iruppd

societa' /

finanziaria

telefonica

RECENT GROjEJP PROGRESS

The following figures are indicative of the progress achieved by the Group during
the past five years:

—acquisition of 3.1 million new. subscribers; installation of nearly 5 milli on new
telephone sets and of 148,000' new public . telephones; automatic handling of a
• growing volume of millions of local, long distance and intercontinental calls.

—the Group now serves more than 10.7 million subscribers equipped with 16 million
telephone sets, and has some 340,000 public telephones in service; annual traffic is
of die order of 7,700 million local calls, 2,400 milli on long distance calls, 6.4 million
intercontinental calls and 7.4 million telex messages.

—at the international level, the service is well placed in terms of telephone density
(28:5 sets per 100 population, against a European average of 33); and since 1970
^■■subscribers have enjoyed direct-cfialling facilities throughout the entire network.

Underlying these, results is; a continuous, massive investment progr amm e (the
average age of the Group’s plant is only 8 years) aimed at an optimum balance of
service throughout Italy, in order to meet the social and economic requirements of
die entire nation.

In the five years from 1973- to 1977 the Group’s plant investment expenditure
totalled approximately 5,300 billion^ lire, of which SIP alone accounted for more
than 5,000 billion lire. During thait period the Group employed an average of 125,000
personnel and the investment projects provided employment for a further 150,000
people. - - . . ;

As a consequence of the increases in share capital shown below, the size of the
annual dividend has increased in proportion to the volume of capitalized reserves.

STET GROUP CONSOLIDATED BALANCE SHEET

V ..[(billion lire)’

ASSETS

at 31/12

at 31/12

at 31/12

; .

1972

. 1976

1977

Fixed Assets

■[(preliminary

data)

Property ; ,

358

948

:1,100

Telecommunications plant .. . -

2,545

6.946

8.300

Other fixerl. assets —

... HI-

. 385

400 ■

■ '3,044'

8,279

; 9,800 .

Inventories .

170

673

800

Securities and non-consoEdated share-
holdings

19

27

20

Cash and funds with banks ..i.

24

84

80

Subscriber and customer receivables

242

776

1,000

Sundry debtors .... .... »

146

514

500

■ * , e*

3,645

30353

. - 12300 .

LIABILITIES

at 31/12.

- at 31/12

at 31/12

Equity •

. 1972

1976

1977 .

STET

387

1,048

•-'(preliminary

data)

a,ioo

Interest of third parties ~

291

756

740

Income for financial year

41

44

60

719

• iL848

1,900

Depreciation funds —

887

2.105

2.500

Other funds .U. ;

259

808

' 900

Financial debt . .

Long-term .....

3,103

2,989

3.600

Medium-term —

68

480

550

Short-term

- - 95

53 5

550

Accounts payable

91

• 518

700 •

Sundry creditors

423

1,071

1,500

■ . ’ _ . m

.3,645

10353

12300

Notes

(a) The increase in the value of assets as attributable as to approximately 5,300 billion lire for
new investments and approximately 1,40Q billion lire for revaluation, mainly in conformity
with the related legislation of December 1975.

(b) Financial debt shows an increase of some 3,400 billion lire, while STET Group equity has
increased by approximately 1,200 billion lire.

Cc) The increase in the depreciation funds is. attributable as to 1,250 billion lire for annual
appropriations and 360 billion lire . upon application of the abovementioned revaluation
legislation. '

(d) Available reserves subsequent to the revaluation legislation and available for utilisation amount
to 920 billion lire (included in the item “ Equity ” totalling 1,900 billion lire) .

N.B.— -The item 46 Fixed Assets” (book value .9,800 billion lire at 31.12.1977, still lower than the
current market value), consists mainly of telecommunications plant which at the time of expiry of
the concession (1996 for SIP and ITALCABLE) will, in the event of non-renewal, be indemnified at
their market value.

During the. period 1973-1977 STET- SIP and ITALCABLE have, as in preceding
years, regularly declared and paid dividends, as set forth below.

' i ’ .

Dividend per 2,000 lire nominal value share

STET SIP ITALCABLE

1973 General Meeting. Lire 357. Lire 140 Lire 140

1974 „ „ w 160 „ 140 „ 140

1975 „ » „ 160 „ 140 „ 150

1976 ‘ „ » .180 , „ 140 . . . „ 160

1977 „ - • « 200 ■ „ 140 * 180

ITALCABLE
Lire 140
140
» 150
„ 160
„ 180

Share capital increases
Xbifiion lire).

STET

ITALCABLE

.

. of which transfer

of which transfer

of which transfer

from reserves

from reserves

from reserves

1972

1972

1974

.from 225

from 445

from 18

to 260 5

to 500 15

■to 24 2

1973

1973

1976

from 260

from 500

from 24

to 280 4

to 560 15

to 32 5

FUTURE ACTIVITY

■ .Since demand for telecommunications services is growing rapidly throughout the
world (even in those countries where the telephone density is appreciably higher
than in Italy), the STET Group is still engaged in a major investment effort, as
shown by the programme presented to the government at the end of 1976, summarizing
future investments, at 1976 plant costs, of 1,260 billion, 1,290 billion, 1,314 billion,
.1,352 billion, -1^87. billion lire respectively in each of the years from 1977 to 1981.

. In formulation of this investment programme, account has also been taken of
the need to maintain employment levels and to contribute to the economic develop-
ment of Southern Italy.

The pace of implementation of the programme is obviously conditional upon the
ability to obtain the financing necessary to meet that proportion of investment not
covered by internally generated funds: and, in its turn, self-financing capability is
closely tied to the existence of an equitable tariff structure. In this respect the Group
maintains a continuing dialogue with the Government authorities regarding the
necessary modifications to its tariff structure in order to meet the increasing capital
and operating costs of the nation’s telecommunications system. Constant attention
is devoted to financing problems, which to date have been resolved also by virtue of
the confidence ‘.displayed in the Group by the domestic and international financial
markets..

Furthermore; the difficulties facing the Italian economy in general, and the stock
‘market in particular, in recent years have inhibited the possibility of an adequate
contribution of risk capital to the procurement: of the necessary funds: as a
consequence of the deferment of new-issue operations pending an improvement of
the stock-market situation there has been a deterioration of the ratio between self-
financing and borrowing which the Group has at all times sought to maintain since
its foundation in 1933. \

. In this situation it w^uld have been a mistake not to ensure — also by way of an
increase of risk' capital — the further development of a fast growth sector such as
telecommunications. This view is in accordance with the directives issued by the
Ministry of Post and Telecommunications and by CIPE (the Interministerial Com-
mittee for Economic Planning): and it enjoys the full support of IRI (the Institute
for Industrial Reconstruction) as well as of the consortium of banks, headed by
Mediobanca, whose underwriting guarantee will assure the successful completion of
the proposed share capital-increase operations.

It is in the context of these prospects of continued growth that the STET Group
is inviting its Shareholders, who have never failed to demonstrate their confidence in
the Group’s management policies, to approve the capitaL-increases described below.
This programme envisages: the increase of the share capital of STET and of SIP
'(partly by subscription, partly free issue, through transfer of tax-exempt reserves)
which will be utilized exclusively for investment in telephone-service operations; and
the wholly free issue increase of the share capital of ITALCABLE, through utiliza-
tion of part of the reserve created pursuant to Law No. 756 of 2 December 1975.
Subscription of the new shares is synonymous with participation in the STET Group
operations, since 1933 devoted to the continuous improvement and extension of
Italy’s telecommunications service, a vitally important service in the economic and
social life of the entire nation.

OUTLINE OF THE CAPITAL-INCREASE PROGRAMME

STET — Increase of share capital, from 280 to 520 billion lire. The proposed 240
billion lire increase envisages subscription of 140 billion fire of new shares (one new
share for each two shares currently held) and the free issue of 100 billion lire of
new shares (five new shares for each fourteen shares currently held) by means of a
transfer from tax-exempt reserves. The new shares will rank for dividend from
April 1st, 1978.

SIP— Increase of share capital from 560 to 880 billion lire. The proposed 320 billion
lire increase envisages subscription of 160 billion lire of new shares (two new shares
for each seven shares currently held) and the free issue of 160 billion fire of hew shares
(two new shares for each* seven .shares currently held) by means of a transfer from
tax-exempt reserves. The new shares will rank for dividend from January 1st, 1978.
ITALCABLE — Increase of share capital from 32 to 40 billion lire. The proposed
8 billion lire increase envisages the free issue of shares for a like amount (one new
share for each four shares currently held) by means of a transfer from tax-exempt
reserves. The new shares will rank for dividend from January 1st, 1977.

THE TERMS AND CONDITIONS OF THE AFOREMENTIONED ISSUES
WILL BE ANNOUNCED IMMEDIATELY. AFTER APPROVAL OF THE.
RELATED RESOLUTIONS BY THE RESPECTIVE EXTRAORDINARY
GENERAL MEETINGS OF SHAREHOLDERS, WHICH WILL BE HELD
DURING FEBRUARY 1978. .

e

Financial Times Friday January’ 27 1978

HOME

CBI seeks pay information
role for select committees

BY JOHN ailOTT, INDUSTRIAL EDITOR

A RADICAL new function for powers of the Select Committee He added: “But I wish at all analysis to the select committee. ;

Parliamentary Select Com- on Nationalised Industries has costs to avoid gening *nto > toe to

utttee system — which would been brought into Question over problems of norms or any form of what could be afforded .
.nvolvc one of the committees the steel industry’s problems. of corporatisms to which bodies wages.

Jeing given a major' role to try- One idea ls that a select com- like the^ Government the jruc Secondly, the body would back.

* * ** " *v rnojn ntith I v nr SIX- 1

, A SHARP fall-off in trade in the U.K producersiitoe^ in
latter half of the year sent which demand «nU“Sed Out-
i Britain’s man-made fibre pro- away as the yew K .SS* was on
; duction last year down to ns PM at the half >«ar stage w as o
; lowest level since 1968, according a par with nine

to industry figures published 4 per cent- beh jd after nine
yesterday. months and nearly 13 i per cem-

_ I The industry, which has been behind at ttayeai pm .

responsible to "and reportTo/a jhat have existed in toe past and that for example, during the ifire- [fiGITIES TO he published to^ayjS®^^ S°25Jo e £S P cen? to ducere yesterday ?ttribtoeji_ the

Pact with

miners

brings

increased

output

Man-made fibres
trade continues
downward trend

BY RHYS DAVID, TEXTILES CORRESPONDENT

BY JOHN LLOYD

•ng to spread economic under- miltee itself could perform the and CBI try to settle between this with three-monthly or six
standing and explaining what the functions of a pay body, backed them what the nation can afford monthly progress reports on how!
tountry can afford in wage rises up by expert research staff. ° n -Pay." its analysis was turning out

—is being considered by Con- Another is that an outside body This means that the CBI .wants Thirdly, it would provide factual I
■^deration of British Industry could be set up which would be to awid the sort of pay Boards reports in individual disputes so
leaders. responsible 10, and report to, a that have existed in the past and that, f

The ideas involve a new select committee. is aiming instead at a body with men’s recent pay row. there

lationai bodv belli" set up to The plans are being drawn up educational and propaganda would have been a completely
tdvise on pay and economic by the CBI as part of its pro- functions, rather than regulatory independent source of informs-
4 Bairs. It would be kept separate posals for medium and long-term ones. Its primary job would be lion.

from Government or ministerial reform of Britain’s pay bargain- to improve public understanding Such reports, it is thought,
control or interference, and >&3 system and are similar to of economic realities and wages c0U ^ be requested by either the

ffould have direct links with a Conservative Party ideas. . so that a national consensus ^fect committee or the Govem-

lew Parliamentary select com- Yesterday. Sir John Metbven, could be built up. ment. but there would be no

suttee. CBI director-general, referred to The body would have an attempt at any interpretation or

Although no final decisions on the work the confederation is academic flavour, although it Government policy. The body
tire CBI’s ideas have been taken doing in a speech at ad might have a governing couneil would not. therefore, become a

ret. they would break new Industrial Society conference in that could include represeuta- relativities hoard as' was being' — the NCB’s standard measure- i

inraud in political and parlla- London where he called lor- tives of the CBI and TUC. developed early in 1974 at the j meat of productivity— have been '

nentary terms and are specially talks on pay systems between Its first task would he to end of the last Conservative' — * — **-—'• <

significant at a time when the the Government, CBI and TUC. present an annual economic Government's term of office.

Instant

cash

‘banks’

extended

BY MICHAEL BLANDEN

BARCLAYS BANK is taking
another important step Jo the
development of automated bank-
ing services by doubling the
number of its Bartiaybank out-
lets.

The machines, installed mainly

FIGURES.TO be published today ■ as muc 5 ^ 2&30 per cent to Queers yesterday ! r;

by the National Coal Board .^1 ! EoiSpe over thepast few years, decline todMtoctaug during^he

show a rise m productivity m a; ma riaged to stage a Partial middle of the jeai oy ^Au i ne macniiiw. «amw

number of areas. ! recovery to 1976. increasing its manufacturers who expenenwea j outsldc bank branches, enable

Officials are encouraged by the: output From only 562000 tonnes a fall-off in demand ir ‘ customers 10 wlhdww cash Up
first signs of success in the| in 1975 l0 618.000 tonnes. then? t0 *S0 a day at any time. They

productivity agreement which is j T he latest figures show, how- .IC1 Fibres claimed toat tncre i^ provide a service which

ever, that in spite of a good Start were signs i of dernanci i a n 0 w s customers to obtain the
to the year this improvement was HP again and. toe ! balance on their account and to

now either operating or being

phased in all areas except South; lQ me veartnis improvement was *;** •••;“ ~trariim? ; uaiance on ■*-*-“***»*• “**u ra

''ales. ■ .. not maintained (n 1977. Output that tbe * rj £ult order a bank statement or cheque

The areas where “significant fe u a g ain to only 551520 tonnes couditionsjwected “ J book,

increases m output pot tpopsh.tt _ 33 r cent drop on the 1973 «»*« >"““ 1 ££!5to«J »u"5 Barclays bu ordered tOO mot*

peak figure of 730540 tonnes. . nrdnrine vr.R machines for delivery from

Oil ‘must be used to cut direct taxes’

PROPOSALS for using North
Sea oil revenues mainly for
boosting industrial confidence
by cutting direct taxation,
rather than for massive State
intervention In industry, arc
being urged in Whitehall by
fie Department of Industry.

This emerged publicly for
the first time yesterday when
Sir Peter Carey, the Depart-
ment's Permanent Secretary,
said in a speech at the
Industrial Society conference
that the oil resources should
be used first “to create an
economic climate in which
industry win want to step up
Its investment”

Sir Peter’s outspoken re-
marks reveal the tine, that his
Department has been taking,
along with the Treasury. In
what is becoming an tncrea»-
ingly bitter battle between
senior Ministers, on the oil
Issue.

“Reduction of the tax burden
could also be a worthwhile use
of the oil resources. Lower
levels of Income tax, and thus
a higher reward for work, are
likely to increase motivation
dud application to work.” be
declared

This would be a “useful,
broadly-based means of helping
to improve our industrial per-
formance and productivity at

the same time as increasing
people’s real take home pay.”

He warned that the benefits
of the North Sea should not be
dissipated in a “ bonanza of
self-indulgence which will leave
us in 30 years time as weak as
or weaker than we are now.”

Tie said industrial ; invest-
ment mast be the primary
target- Because of this, “ fiscal,
and monetary policies must be
pursued in a manner which
offers the prospect or steady
and sustained growth without
risking abrupt reversals of
policy.”

Sir Peter also acknowledged
the other side of the potitical
debates that the Government

should tackle industrial prob-
lems directly through .a
massive expansion, of financial
assistance to industry.

Rut. significantly, he failed ,
to spelt out any proposals for j applied for their
this beyond explaining the | tivity agreements
Government's current Indus-
trial assistance sheenies.

^ .If STS ‘SSKr “fT. 77. r«d“to”>«ec„nfide , . t ort™|

recorded are North Derbyshire.! production at only U5J40 tonnes U.k. and other European
North Eastern, North Norting- j was down 25 per cent on the' tortile producers.

£ “ ^ 19705 output ^ 5Ufr

-r.fi ® -s-ft.lB RSES

the n chest coal seams m the ! Europe whe? fhtares for produc gg “" r » .Sse prices which
U £e majority of these areas i g“» Z5£T“ j £» £%*&£% "! MaiOf tOWHS

mofia 0 : ! EEC cutback. . .i .^Swm ^ie Sn able ro Th „ mchl „ re will be

the overall vote of the miners.’ Several •• major- European increase f tofitalled »n town* with P«pul^

was against it. groups, including most recently spemality yarns hut are still a ttnns of more ihan Rflrtflfl to *ive

Most of the areas immediately Rheme Poulenc, have announced ra ff to keep pace with cost reasonable national roveraee So
own produc- plans for a major cutback in. creases in bulk; lines suen as ; far r0VPra ?p has been limited in

after tbe L man-made fibre production polyester filament. . • ; areas, parti m la r.v the

lX. r - rT tr nutnilt in 1977. .1-

Tbe conference, entitled
“ Towards a Common Pur-
pose” was connected with
a new publication from
tbe Industrial Society called
“ Why Industry Matters ” out-
lining ways in which industry
should improve its own image,
communications and participa-
tion. ...

ballot, and have thus b&n facilities: • " "” T U.K. output flRuret iD 1977 , n0 rth.

working under a bonus scheme 1 Total losses in 1977 by all -could have been much worse nut;

for some time.

Decline

Shell to double U.K.
expenditure on plant

BY KEVIN DONE. CHEMICALS CORRESPONDENT

SHELL CHEMICALS U.K. is Prospects for the current year However, the possibility of
doubling its capital expenditure are not bright. Mr. Crofton said. SbeJi going ahead with its plan-
on new plant over the next 12 Latest forecasts suggested that ned £200m. ethylene plant at
months, to spite of its pessimism the volume of sales would not be Stanlow is still clearly in doubt,
about trade prospects to tbe inucb better than. that , achieved : ^Another: cracker-iS' al-m being
medium term. But doubts are last year. - Continuing slack 1 plaarted' for the TfcKl by Esso
growing as to whether it will demand would make it difficult Chemical, at Mossmomm In Fife.
hp v- j Press ahead this year with plans to keep prices moving up to an d It is unlikely under curreor

S'SShiArVmiSf Mr ! or a ^5°“- ethylene plant on line with cost increases and profit marker copditions that both will

iSmUr CSS - ?! , r - ***** wou ‘d ' oe con- goahe^ attbe saineifirtd-*

Its recent sales performance siderahle pressure. ^ Shell U.K., she petroleum arm

has reflected the recession in According to Mr. Gerard Fair- oF the enrapafiv, will : be supply-
base chemical markets through- tlouzh. Shell Chemicals manag- ing 50 per cent of tbe ethane
Out Western Europe and in tbe j ne director, the chemicals feedstock for the Fife cracker
third quarter last year the com- industry now bad to accustom and Shell Chemicals will have a
Pany produced a pre-tax loss of itself to continuing low growth, drawing right of 200.000 tonnes

at least in some parts of the of ethylene

. Demand in July and August is business. Expansion would not Mr. Fairtloueh said: ■ tr For-

opponent. have declared that re- ; traditionally low. bur last year h e i p tn solve its problems as to ward projections for ethylene

Fears over

nuclear

delay

By David Fishjpcfc,

Science Editor

LEADERS in the nuclear in-
dustry are worried that a cam-
paign will be launched to delay
any Government decision about
British Nuclear Fuel's £600m.
reprocessing project. This comes
after the Government’s eo-ahead
for new nuclear power stations.

Mr. Peter Shore. Environ-
ment. secretary, told Parliament

Justice Parker, on last summer’s
Windscale inquiry.

Although Mr Shore gave no
hint of its findings groups oppos-
ing the project were convinced
well before the end of the in-
quiry that it would find in favour
of the project.

Friends of the Earth, a leading

processing would continue to
^dominate their energy campaign
this year, “and our objective is
quite simply to create a political
’climate in which it would be
'foolish for the Government to
give the go-ahead.''

The group is urging Mr. Shore
to publish the Parker report be-
fore making any decision on the
project, in order to -stimulate
further puhlic debate.

demand have fallen dramatic-
ally and If the Mossraorran
cracker is sanctioned it may be
necessary for the material to be
absorbed in the U.K. ■

the normal pick-up in tbe^utumn the past,
did not occur. In the first two
quarters Shell Chemicals made n

pre-tax profits of £6-5m. and Conversion

According to Mr. Derek Shell Chemicals U.K. is plan* _

Crofton. finance director, a small n * n fl to double its capital expen- • Hr. Peter Shore. Environment
profit was expected again in the diture this year to some- ifiOm., Secretary., has approved a r2flm.
last quarter. This should put last' compared with some. £30m..-iD expansion scheme at the Staveley
year’s performance on a level 197 7. Much of this" will- go on Derbyshire. Vinatex PVC plant,
with 1976. when the net income the conversion of an ethylene in -spite of objections oh safety
amounted to £105m.

%

MIDDLE WITWATERSRAND
(WESTERN AREAS) LIMITED

( Incorporated in the Republic of South Africa )

Interim Report for the Half-year ended 31 December 7977

FINANCIAL RESULTS

The unaudited consolidated financial results of the Company
and its subsidiaries are estimated as follows:

Year ended
30 June

Half-Year* ended
31 December

1 • 1977

RC0Q

3 966

Turnover

1977

RQQO

1940

1976

R0QQ

1 590

i 2 823

Profit before Taxation

1470

1375

i 98 1

Taxation

—

—

2 921

Profit after Taxation

1 470

1 375

1

7

Attributable to outside Share-
holders of Subsidiaries

14

->

2 914

116

Preference Dividends

1456

56

l"373

60

2 798

Profit attributable to

Ordinary Shareholders

1400

1 313

!» 9 673 436

Issued Ordinary shares

9 673436

9631 178

1 29 cents

•Earnings per Ordinary share;

— Including Profit on

145 cents

1 3.6 cents

' 28 cents

Realisation of Investments
— Excluding Profit on

13,0 cents

13 2 cents

J

* Based

Realisation of Investments
on average number of Ordinary shares in

issue during

the period.

No taxation is payable as the Company and its subsidiaries have
no taxable income for the half year.

DIVIDENDS PAID OR DECLARED DURING THE HALF-YEAR

Preference dividend No. II amounting to R5600Q f 1976—
R63QQ0) was paid for the half-year ended 31 December 1977.

Final Ordinary Dividend No. 46 of 115 cents per share amount-
ing to R I 209 000 ( 1976 — 20 cents— R1 9260001 was declared in
June and paid in August 1977.

Interim Ordinary Dividend No. 47' of 10 cents per share. amount-
ing to R96Z000 { 1976 — 10 cents— R963 000) was declared in Decem-
ber 1977 payable on or about 3 February 1978.

INVESTMENTS

The market value of the listed Investments of the Company and
its subsidiaries, at 31 December 1977 was R54S66 000 (1976 —
R42 702 000) compared with a book value of R 17 015 000 (1976—
R 17 063 000). The book value of the unlisted Investments of the
Company and its subsidiaries at 31 December 1977 was RB 282 000
( 1976— R8 296 000).

For and on behalf of the Board.

B. E. Hcrsov
R. T. Swemmer
Directors

Registered Office:
Anglovaal House.

56 Main Street,
Johannesburg. 2001.
26 January 1978

London Secretaries:
Anglo-Transvaal Trustees Ltd..

295 Regent Street.
• London. Wig 85T.

Europe’s man-made fibre eroups tor the strong export per-; 'TJ?® b3 which
are likely to exceed tbe £500m. fonnance registered by toe m-;P^ers.

.. ^ figure recorded in 1975 and the dustry. Export deliveries at

The Coal Board believes that j European Commission is study- 24L0O0 tonnes accounted for 4L5
toe agreement will yield to- 1 j n o waya 0 f dealing with the percent, of total deliveries, and

Borclaycash du*
give £10 at l

creases in output of between 10
and 15 per cent
However, figures published
yesterday by the Department of
Energy show that th® Govern-
ment is less* optimistic about
coal’s- immediate future;"'

The Department estimates that
cobsimiptinin' of eo*f Wfti -decline
sliehtly. from 122m. tonnes in
1977- " (provisional -figure) to
121m tonnes this year- •

The Department . comments- 1
“ Deen-mined output whtoh in

industry’s

problems.

Perhaps

serious

most

structural were roughly tbe same as in
■ 1976. despite the overall fall in
worrying for deliveries.

Gar output slightly down

FINANCIAL TIMES- REPORTER

CAR PRODUCTION in the U.K - was 1527520. compared with]

in 1877 was slightly .down on L333-M9 in 1976. However In, rnirsj-ripc jw r n m

1976. However, because 1977. is December the revised figure w;is I UMTFH cn i>Tir.s hiis c.nm

their useful life, toe bank said.
They arc to be withdrawn gradu-
ally' over the next two years.

Mr. John Quinton, a seneral
manager, said that in the two
years since the Bnndaybank had
been introduced “ we have satis-
fied ourselves about the mart*,
flit*** n>lbhi)ltv -»nri rheir useful-
ness to customers. **

Pis$ nsfc

power productivity ”

Labour News, Page 8

re-

Brick output
declines ,

Financial Times Reporter
GOVERNMENT --statistics
leased yesterday show that brick
production • declined slightly
towards toe end of last year
Provisional figures collected
hy the Business Statistics Office
on behalf of the Department of
Environment, show that some
350m. bricks were produred in
December, with 292m. delivered
to building sites. Stocks, how-^
ever, rose from S09m. to RfiSnu
representing about two months’
current production.

Brick production dropped by
1 per cent, in toe last quarter
of 1977 and. was around 4 per
cent, down over the correspond-
ing period last year. Deliveries
in the last quarter, were 5 per
cent lower . than:, ia. the ■previous
quarter, bull only I - per. cent
dowir on -the 1976 figurfe.
to 1977 as a whole, acnduc-

Total passenger car. production to 386.420.

plant to gas oil feedstocks at grounds from local councils and
Carrington and the near doubl- individuals at a puhlic Inquiry

Ina of low density polyethylene last June Vinatex have hcenltiun of bricks dropped by H pet
capacity. An extra 70.000 tonnes given permission to double nut- cent., and deliveries were dnwn
a year is being added to tbe put of PVC to 160.000 tonnes a by 12 per rent, compared with
present 90.000 tonnes a year. year. 'J976.

Engineering export orders fall

BY KENNETH GOODING. INDUSTRIAL CORRESPONDENT

THE STEADY downward trend cent, below the 1974 leveL Federation pointed out earlier

m new export orders for the en- The How of new orders for the this week, all the indications are
gineeriug industry continued into domestic market, however. In- of a very slow recovery of de-
October, according to Depart- creased by 6 per cent, during the maud and output
ment of Industry statistics pub- three months to October' This A decisive factor in the dis-
lished to-day. was mainly due to contracts appointing export performance

They show that orders from placed with the electrical engi- by the engineering industry in
overseas fell 4 per cent, during peering industries says tbe the second half of 1977 was the
the three months to October. Department of Industry In Trade relative strength of sterling
As a result, export order books and Industry magazine to-day. against other currencies,
remained almost unchanged from Total new orders rose by 2.5 “ Certainly the long-term bene-

the end of May to tbe end of per cent, between July and fits of a stronger currency have
October. 26 per cent, below toe October aod sales by 15 per cent, yet to be felt and In the short
peak reached in 1974. The trend of total orders-on-hand term it cannot help export pros-

The level of home orders also continued unchanged. . pects," commented the federa-

remained virtually flat at 46 per As the Engineering Employers' tion.

FOR SMALL BUSINESSMEN WHO
WANT TO BE BIG BUSINESSMEN.

For a small business with ambition, growth is essential.

So come to Milton Keynes. We’D find you a place that's just vour-size.

We have purpose-built factories ranging from 500 to 17,000 square feet, all
ready and waiting to move into.

Then if you need more space.later, well probably be able to find you more. On
your doorstep.

Or if you prefer, well take the original lease
off your hands and let you move into our

r

f

f j _ J, off your hands and let you move into our

i ^ 'ZD > lar ier premises.

V We’re now building factories up to

& ^ J 50,000 sauare feet. Andwe have serviced

S' 2 50.000 square feet. Andwe ha\e serviced
. j) ? leasehold sites for people to build
‘ their own.

rrft-i 'fJssr'V. J.) > • We have housmgand a workforce

7r~ ) all ready and waiting, too.

t ^ Andwe think you 11 find our position is

. j perfect Were midway between London
and Birmingham, with excellent rail and road
^connections. (The Ml is just 1 mfle away.)

Finally, we have loads of experience in moving firms to Milton
Keynes. And it’s all available to you, for the asking- MILTON KEYNES

( [ would like to know more. Please send me details.

[ Naine • Position

1

.Company

Address

AFU27

TEL090S740CQ.

The Proprietors of
Hay’s Wharf, Limited

The 70th Annuel General Meeting was held in London on 26th Januarv 1 97 ft
Sir Dawd H. Burnett, Bt. M.B£., T.D . , the Chairman, presiding. The Report and
Accounts were adopted and the Dividend was approved. P *

The following are extracts from the Chairman's Statement and the Ann„*i
and Accounts for the year ended 30th September, 19T7 3t Report

Summary of Results

bef0re MX ^ £2 ’ S78 - 000 cannpated profits of E1.165.MMat

Comparative Figures
Year ended 30th September
Group Turnover
Trading Profit before Taxation

Taxation (1 976 - credit)

Prof it after Taxation
Dividends - Ordinary and Preference
Extraordinary Items

hhSC amounB amibu ' abfe t»

Premiums on acquisition of shares in subsidiaries
acquired during the year and goodwfll 2££ff

Transferred Against Reserve

(Surplus in 1976)

Earningspershare

(t97e

1977

1976

£’000

£'000

47.300

40.000

2 , 978

2.031

1.100

(22)

1.827

1.988

920

821

1.846

101

1.865

—

2,823

(1.063)

10.42p

7.09d

and ^ im Portant disposals of Jow-vieJdina

on capital invested and earnings pershare Year further t0 improve the retm

V

NCR machines for delivery from
earlv 1979. Zr Is expected, that
the new machines will be Instal-
led mainlv “throngh the wall*
of bank branches, rather than
inside brandies or oo other sites
such as shops, to provide a 24-
hour cash withdrawal service.

More Thistle oil for the State

' WRXY'DWTEft. ENERGY' CORRESPONDENT

BRITISH” NATIONAL QiT. Coi^ to' purchase 51 per cent, of any has a 41.03 per cent, interest
poration has aaihed J access to a oi ^ produced. in Thistle, has provided BNOC

further supply’ of JVorth Sea . According to .the brqkere with additional voting rights
.-.j' rtil -/ ' Wood Mackenzie. Charterhouse under the fleld-operaunq apree-

e ° ,-c ,hn„t owns about 5 m barrels of Tbe »«nts.

The corporation.* which is about recQverabJe nil The field •* due State-owned Uemlnex

to begin oil trading operations. t0 begin produema oil in com- companies are subsidiaries of
has increased |ts supply of crude mercial quantities within the Deutsche Erdoelversurgungs-
froni toe Thistle Field as a re- next few weeks, posing a dis- gesellschaft.

suit of agreements with the Ger- problem for Charterhouse. —

man Demines group and Charter- It has no oil outlets of »ts own. Df.. Vfiiiigy cAAmfy.

bouse Petroleum Development. Chartecboose has " agreed _a Muuimig ovucij
The deals complete a series of provision by which ordinary par- f Ar TJoKririoc
State participation agreements ticipation arrangements might 1 ItUl 1UC3

with compames in .the Thistle be negotiated in the event of THE LEICESTER Building
project " it "increasing its Thistle stake Society's 17th branch in Scotland

Charterhouse has agreed to or acquiring an oil interest else- — and the first ever in the-
sell to BNOC . the whole of its where on the U.-K. Continental Hebrides— was officially opened
f ’percent, shade of erode oil and Shelf. - at Stornoway yesterday by Mr.

natural . gas liquids produced -Demlnex LJv. - Exploration William F. Carrocher station ■
from block 211/18 whicb. Includes and Production and Deminex Oil manager of BBC Radio Htohlnnd
the Thistle if eht:. . It. is" thought and Gas have agreed Slate par- Inverness
toat the .deal is worth about ticipation terms covering their The Leicester ha* appointed a
SI40m ar current prices. " interests in the Thistle Field. Lewis man Mr Ales Murray of
The Department of Eoerey in other areas of block 211/18 Ness as manager ’of its new -
said that, because ’ of the small and in associated facilities, branch Mr A^Scntt Durward "
siae of toe com^ny’s interest. Under the arrangement RNt»C the society’s depot v «..n^rai
the sales, agreement was nego- wilf have the right to buy at manager, wid that the opening
HS51 P 1a ?® , of *5* norn 3? 1 "■ .Price up to 51 per cent. 0 f the Srnrnowav branch renre
participation deal which usually of Dermnex’s oil. semed the L<*ice«;ter’«i commit,

provides. BNOC with, an option. .Ip addition. Deminex. which ment to serve mnreremoto 7iSS ■

3

m

\

tash

banks'

W II

or the Sa

: * . ' *

. : 1? >■...*

.. ,,f

Financial Times Friday January 27 1978 '

HOME NEWS

for 67

Rolls-Royce outlines

ships won
by State
yards

project cash needs

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT

Spending Strike boosts cost
opindustry of fire damage
‘too low’ to record £261 .7m.

Whitehal
unhappy
on Cross

By Un Hargreaves,
Shipping Correspondent ‘

YARDS NOW in the British
Shipbuilders organisation hooked
orders for. 67 merchant ships of
5l7;iS2 gross tons last year — an
intake roughly equivalent to half
the . industry’s .total annual,
capacity, •_ . ■ • „

The order book at the end of
197? "stood at ..137. ships, of
1.568,014 gross tons, '. valued at ;
£832m. - Just less titan half of
these orders 58 .ships of I
764,778 gjtt and worth £387m. — i
are for overseas. registration.*

On the naval side, the total
order book is for 44 ships valued
at £644ih. Three -of these ships
■were- ordered in ' the final
. quarter of the. year,

merchant ship orders were up
35 per cent, on a gross tonnage
basis on 1976 and the majority of
the 1977 orders —450,000 grt out
of a total .QT517.182 grt — were
taken after British Shipbuilders'
vesting day in July.

British Shipbuilders said
yesterday ibat extreinly difficult
inarket conditions were expected
to continue, for a long time- The
corporation's response was to
develop a “thrusting, broadly
based . marketing strategy, asso-
ciated with a concerted effort to
increase cost-effective working in
yards,' so ensuring the tightest
possible competitiveness.”

' The next major marketing trip
by British . Shipbuilders will be
to India and Pakistan next week.
This comes after recent visits. to
Mexico and the Far East.

British Shipbuilders moves
formally into its new bead-
quarters— in Sandyfordr Road,
Newcastle upon Tyne, on Mon-
day. The corporation’s, marketing
division will, occupy ’premises In
Knightsbridge, London. ’

ROLLS-ROYCE has told the
Government, through the
National Enterprise Board
(which owns the company), that
it is likely to need a- substantial
injection of development cash
for new . engine programmes
over the next five years.

. in its development plan for
187S-S2, recently, sent to the
Government and the NEB, the
company makes no specific cash
requests. But it identifies the
major programmes it expects to
work on over the period and
estimates its likely total cash
needs amounting to - several
hundred million pounds. -
! The programmes include con-
tinued development of the
RB-211 engine in various ver-
sions, with emphasis otr the 524
model with upwards of 4&000 lb
thrust, and the 535 model of
32,000 lb thrust. There is also
a new engine, the RB432. of
about 20,000 lb thrust, -which is
a replacement for the existing
Spey, in the short-to-msdium
range airliner market. ;

A fourth venture might be
the RB-401, a new engine of
about 5,500 1b thrust, for busi-
ness jet aircraft
The 524 model of the RB-211
is already in production for
long-range Lockheed TriStars
and Boeing 747 Jumbo jets. The
company sees a continuing big
market for this engine.

Only limited sums have been
spent so far on the 535 version
of the RB-211 and on the RB-
432, . but Rolls-Royce believes
that both could become big ven-
tures and even be vital to the’
company’s continued existence.

At this stage, Rolls-Royce can-
not say precisely when markets

The company's aim in sending
the , Government its five-year
plan now is to give advance
warning that it may need big
sums of development cash — per-
haps even starting later this
year— and that it may need the
money quickly, to get pro-
grammes roiling.

It wants to be sure that the
Government and the NEB are
not taken by surprise but are
able to respond quickly. Such
speed of response is considered
vital if new engines are to be
developed on time to meet mar-
ket demands.

FINANCIAL TIMES REPORTER by JOHN MOORE

t hk LEVEL Of Twannfnrmring

investment in the DJL was THE FIREMEN’S strike pushed

ridiculously io W sir Fred toe cost of fire damage in Britain

#1 _i - frt a Tiotir Nkonvil rv 9 7m Irirrt

proposals

Catherwood, ch air man of the I 10 a new record of £261. 7m. last

British. Overseas Trade Board, I your.

said yesterday at B irmingham
University.

This is nearly £25m. more than w- "7 I 1 INDICATIONS EMERGED ye

l et m , 1 ^ 4 ’ ’ terday that the Government

when the Flixborough explosion • not -satisfied with the oulcoh

a ^™ t *l, 0r £36m - of 30 - of he Cross Committee i

£237m. total 1 A Inquiry into the diseiplinai

Damage in 1976 amounted to I A procedures of the UJL accoua

£231.7m. i A , .11 fi A ino hndip;

Latest fibres from the British 20 - AflliM AJU" — Speaking at a charters

Insurance AMomataoD show that f v '4* Up V accountant dinner last nigh

i 4 V Mr. Kenneth Sharp, head of tt

^tin 10 Government Accountancy Se

November's £42 7m. was still vice, said that the Cross Cor

nearly double the average for mittee was “ not as specific i

number’s figure was not as O' — its P r °P° sabi as might reasonatt

high as originally feared, how- 1975 1976 1 977 *78 have n •« reaction fc

ever. The Jong holiday period, -

when iudu«^o shut down setting up another oommlttc

SSed to?®. the effects of the strike as the under Mr. John Grenside. Pei

Without the firemen's strike, firemen did not return to work Marwick Mitchell’s senior pax

last year’s figures would probably until the 16th. ner . to develop the Cross pr

have been lower than those for The number of fires estimated Posals was fully understood an

1976. For the ten months to to have cost over £lm. or more endorsed in Whitehall.

October the cost of damage was for the full year fell from 25 „®& r - Sharp said that to tai
£1 85.2m. — S per cent less than in 1976 to 19. In spite of the of exasperation in Governraei
in the comparable period of strike. The number of fireB cost- with the _ accountancy protessic
1976. ing more than £25,000, however, was flying in the face of tt

FIRE

DAMAGE

G.B.

BY MICHAEL LAFFERTY

“British industry desper- when the Flixborough explosion
ately needs the tools to main- accounted for £36m. of the

tain its momentum in export £237m. total

for any of these engines will
emerge. Much will depend on

emerge. Much will depend on
what the world’s aircraft-makers
do and on what the main U.S.
and European airlines want

Rolls-Royce is trying to get
the RB-211 model 535 into the
next generation of Boeing sbort-
to-medium range jets, on which
a production decision is expected
by his summer.

The five-year plan also con-
tains forecasts of. financial re-
sults. The company yesterday
denied reports that it lost £100m.
last year. It said it would break
even, against a loss of.£22m. in
1976.

The company also dismissed
as “ nonsense ” suggestions that
cumulative losses over the next
five years might amount to as
much as £S50m. - -

Labour News Page 8

markets,” he added- “ Our in-
vestment per worker has been
consistently lower than that of
all our major competitors and
the time has come when we
must catch op."

In the seven years to 1975,

Damage in 1976 amounted to
£231.7m.

Latest figures from the British
Insurance Association show that
the damage figure for December
of £33£m-* although lower than
November's £42‘7m. was still

Japanese £3,769. when industry

More investment was a major checked the rise,
necessity if we were to increase' Without the fi
our share of world trade. last year’s figures

• ■ t * .

British Aerospace to cut

Airport
fees cut

for every £1,000 of British in- nearly double the average for
vestment the Americans had the month.

spent £1*455, the Canadians December’s figure was not as

ElfiiZ, the Germans £4648, hi gh as originally feared, how-
the French _ £2,079 and the ever. The Jong holiday period.

1977 *78

January's figures will still show rose by 76 to 1,117.

its labour force by 500

The British Airports Authority
is cutting charges at its four
Scottish airports — Aberdeen,
Edinburgh, Glasgow and Prest-
wick — and at Stanstead, Essex
for light aircraft operators. - in-
cluding business aircraft, from
February 1.

BY RHYS DAVID, NORTHStN CORRESPONDENT

Reliant Motor

BRITISH AEROSPACE,., the
nationalised arcraft manufac-
turer, is to cut its labour force
at three Manchester factories by
about 350 over the next . three
months because of shortage of
wqrk. • —

The organisation has , also
announced that it is uriHljcely
to be able to' offer job£ m^all
the 130 apprentices and other
trainees who will complete their
training with the division during

1978: '

■ The State aircraft maker’s
three .Manchester factories— at
Chadderton, ’ Failsworth, • and
Woodford— -mainly manufacture
Nimrod reconnaissance aircraft.

including the early warning
version recently ordered by tiie
Royal Air Force, the HS-748
twin turbo-prop short-range air-
craft, and wings for the
European Airbus, but it has
been affected by toe world slow-
down in aircraft orders.

The Manchester -factories are
working on :'4B HS-748s . winch
have been "developed for civil,
military - and coastguard usp. but
the company said yesterday that
future orders-' for this -and other
aircraft were -not sufficient to
justify maintaining the 6£50
workforce at its present level.

Though RAF orders have been
placed for the Nimrod early

warning version, much of toe
work remains at toe design
stage and has yet to_ reach the
shop floor.

British Aerospace said yester-
day. that, although formal
notices of redundancy had been
given to 'toe Department of
Employment and- -the trades
onions, k was hoped toe run-
down, could be- largely achieved
by internal and external trans-
fers, retirements, and voluntary
redundancy. -

Employees win also be en-
couraged to transfer to other
factories within the group where
vacancies exceed toe surplus at
Manchester.

Alliance will keep
6% interest rate

facts”

** Nevertheless, the strange
the solution the Grenside Cor
mittee proposes the greater wi
be the degree of Governmei
and public confidence.”

— - 6 o /o interest rate Employmenl

| SE change firOtCCtlOn

Jeffrey Knight deputy BY ADRIENNE GLEESON r 1

W retlnocdto^ffireS ANOTHER building society is to per cent tax paid on existing Vnctc loh^
Utility for the manage- break ranks from February 1 by deposits at January 31.

Mr. Jeffrey Knight deputy BY ADRIENNE GLEESON

chief executive of the Stock Ex* C j. m 9

change, is to relinquish direct ANOTHER building society is to per cent tax paid on existing lOUx

respo nsibil ity for the manage- break ranks from February 1 by deposits at January 31.

ment of the quotations depart- bolding its interest rates on exist- The Building Societies Associa- By our Midlands Corresponds

ment .to allow him to play a big deposits despite the recora- tion has recommended that the „ Mpr PRrmrrTini

greater -role in major policy mendation of toe Building rate be cut to 5.5 per cent tax hv ^

issues. Mr. Knight's successor Societies Association that returns paid (equivalent to 8^ per cent, fcitou? Goverament^io^lasS
will be Mr. Gavin Fryer who to investors should be cut ■ gross) from February 1, to ££T er ™S?i,, “ Sf

will have the title of bead- ef - ^ A llia n ce -RuiM ui g-Soniety^one mirror the_ Jati ,in_ the rate conducted b? the Jhrn

quotations. of the 10 biggest, bas followed charged to borrowers., . . 'HESS

The Building Societies Associa- By our Midlands Corresponden

survey conducted by the Birn

its even 'larger competitors, Like _ Abbey National, ami ^an^tf ^mpsmti

director quits

over programme

‘Long time’ to Melbourne Concorde

Humber tolls • • Abbey National .- and .Leeds Leeds Permanent. Alliance will

_ ; - Permanent fn deciding to.con- hold its existing rates at least r f s - p0 *J!} 1 !!f , t0 a < ? ue f t ?3 1 'i n ^ 1 r

The Transport Department is tinue to provide a return of 6 unlll the end of ApriL claimed that a total of S97 po

to be asked to approve a car toll sible jobs were not filled In 197

of 80p for crossing the £61m. as a direct result of the legisli

Humber Bridge. - ^ # ^ ^ . _ tion— an average of four to fiv

Europe move Betting duty £2.5ffil. Up t.™,,., preside.

The AssociaUop of the British FINANCIAL TIMES REPORTER SiVSnSTbSSu “niSiii

Pharmaceutical Industry is jom- A a i a «t niriht har

ii^toe' tadustry trade SsocS- A T0TAL of £23 - 6m - was « 0 l- £9.7m. were down on the previous bam last night that har
Nnn. 19 etlie. Vnmwsen lected in betting and gambling month, when receipts were evidence was being collects

THE RESIGNATION yesterday
of Mr. .Bariy Wills, 36, director
of product ~ development at
Reliant Motor, the Tam worth
manufacturer of Scimitar estate
cars and three-wheelers, makes
him the third director to quit
since Nash. Securities acquired
the company last year. It takes
effect at the, end of the month. '

Mr. Wills said last night he
had been unsettled' since the
takeover and had been unable to
reconcile hiipself to the pro-
gramme proposed after Mr. Ray
Wjggin, former managing direc-
tor, had left. The other director,
who resigned last October, was
Mr. Roger Musgrove, in charge of
marketing.

Before the takeover Reliant
was collaborating with Leyland
Cars in development of specialist
models such as soft-top sports
cars, which would have filled
gaps in the Leyland range.

This has been drastically
revised by the new. management,
which also reduced the forward
programme for Scimitars sub-
stantially down from the 80. a
week planned by the- former]
management. 1

TT WILL be a long time before
Concorde arrives in Melbourne,
Mr. . R Nixon, Australia’s
Transport Minister, said yester-
day. He was in Britain for four
day's of talks about Concorde^
route. ■ Before flying to ' New
York he added: “There are still
difficulties' ' with' Malaysia ovtir
air rights.

“British Airways apparently in-
tends to keep the Singapore
route for a long period* before
continuing ter Melbourne. I have

no idea how long that period
will be."

Mr. Nixon did not expect prob-
lems when the airline decided
to extend the route. “I have
,toki Mini Sirs and British- Airways
tout we will facilitate toe entry
of Concqrde into Melbourne.

“Thete “has • to be an 'Agree-
ment between British Airways
and Qantas. and between the
British and Australian Govern-
ments. 1 believe the terms of
condition for the route will be

agreed.”

The Minister did not expect
problems from environmen-
talists protesting about noise.
“We have had an impact study
done and I cannot foresee
difficulties.”

Mr. Nixon had talks with Mr.
Clinton Davis. Minister respon-
sible for aviation. Mr. Rogers,
Transport Minister, and Dr.
Dickson Mabon, Energy Minister.
He talked also with British Air-
ways officials.

Hons of 13 Other West Euronean lected in betting and gambling month, when receipts were evidence was being collects

coratries to ton 7 eSEtcX duties ^ December. .1977, an £13.3m., but up by more than about the impact of legislate

federation • It Lshoned that the increase of nearly £2.5m. on £lm. on December. 1976. upon the labour market. .

vtAm VtivAAOan TTAi4nt-nfi An December. 1976. Total receiots for the last He told the Prime Ministei

federation It is honed toat toe increase of nearly £2.5m. on £lm. on December. 1976. upon the labour market. .

European Federation ^f December. 1976. Total receipts for the last He told the Prime Muustei

Pharmaceutical Industries As- 01 that, more than £11.4m. was quarter of 1977. at £79.9m., were the special guest: “ We are nc
sociations will begin operations iu football pool betting duty, more than £10ra. up on the same asking for a return to the ag

. ® . _ ■»1kS>L MkHMAlIn A nA n «n>%r>l naKlAj A P 1 Q*7C »|V«*Ia I 1 ). ftp n i r*l-anc

in the late spriDg The head- which normally shows a seasonal period oF 1976. while toe 12- of Dickens
quarters will b ein Brussels. increase in the period up to month total for the financial year! “Wc ar

Judgment in
‘agent’ case
reserved

Christmas.

At: the same time, receipts in just
I from off-course bookmakers at 1977-7S.

month total for the financial year! “Wc are asking for som

1976- 77 has already been passed | recognition that a reasooabl
in just over nine months of i free job market offers the bes

1977- 7S. chance for employment growtl

Report likely to attack rail fares

THE JUDICIAL Committee ofj

Forecast of 31% GDP rise

FINANCIAL .TIMES REPORTER

THE PRICE Commission is put-
ting together the final draft of
a report on British Rail fares,
due out early next month, which
is likely'lo criticise' strongly the
policy ' of increased commuter
fares.

-The report is expected to high-
light toe unfairness of making

commuters pay more when rail
fares rise because they are vir-
tually a “ captive ” market
The Commission’s concern at
this policy has already forced
British Rail to abandon plans to
increase some cheaper commuter
fares by as much as 25 per cent,
when the latest round of fare
rises came into force at the be-
ginning nf this month. *

The average fare rise was 14R
per cent but commuter fares in
London and the South East rose
by an average of 16 per cent
The maximum increase on any
one line was 20 per cent
Some Labour MPs are also
said to be unhappy at the effect
of high fare rises. on marginal
constituencies in commuter
areas.

the Privy Council yesterday
reserved judgement in the appeal
by the Australian Mutual Provi-
dent Society, of King William'
Street Adelaide, against the
decision of the South Australia
Supreme Court that toe society
must pay SA3.226 to Mr. Lancelot
John Chaplin, of Sabina Street
Salisbury, South Australia, in
lieu of long service leave.

Mr Terry McRae, for Mr.
Chaplin, said that he was an
agent of the insurance society.
The society denied that he was
employed by them and contended
that he was a self-employed
agent

BY OUR ECONOMICS CORRESPONDENT

A BULLISH view of prospects
for the economy and living
Standards during toe next few
ypars has been projected by
Sfaniland Hall, a firm of econ-
onlic advisers and business
consultants.’

I A the latest issue of its Econ-
omic' Indicators for Company
Planning, the firm expects a rise
in real Gross Domestic Product
of 3$ per cent, a year on average
between 1977 and 1982

A rise -in the volume of con-
sumer spending of 35 per cent

this year and of 31 per cent in
1979 is forecast

Consequently, In the first half
of 1979 spending volume is ex-
pected to be 7\ per cent higher
than in the first half of 1977, the
low point of the current cycle,
and 4 per cent up on the first
half of 1973.

Staniland Hall envisages a
marked recovery in discretionary
spending in the next 6ve years —
in particular, with a rise in
durables, accompanied by a sub-
stantial expansion of credit— and

in expenditure on alcohol!
drink and overseas holidays.

Over toe period to 1982, livin
standards, as measured by res
disposable incomes, are projecte
to rise by 3 per cent a yeaj
Ibis compares with a 1 per cen
a year increase between 1972 an
1977 and 4$ per cent, a yea
between 1969 and 1974.

O A bullish view of the prospect
for inflation during the next 1
months bas been set out in th
latest analysis from Simon am
Coates, stockbrokers.

NORTH SEA OIL REVIEW

BY RAY DAFTER

Murchison: drawing on experience

- 1

A ; WELL-THUMBED book is
kept close at hand by Dennis
Gregg, Continental Oil's vice-
president and general manager
of? the Murchison Field develop-
ment project. Its cumbersome
title is: Application of Prior
North Sea Experience to the
Murchison Project Development
Planning. The 70-strong project
tram know it better as the
•” Book of Errors.”

This is hardly fair, for while

MURCHISON WORK SCHEDULE

STROBE

FACILITIES

PtPELWE

SUBSEA WEILS "
FUTFQRM WELLS
OIL PRODUCTION

year. On the following Monday gist. Sir Roderick Murchison —
steel was being delivered into is also relatively uncomplicated,
the yard for work to begin. It The structure is roughly square
will be interesting to see shaped, bounded on three sides
whether this almost split-second by faults and on the northerly
timing can be maintained, for side by the. oil/water contact
the work schedule is ambitious. This means, that wells drilled
The platform is due to be from a centrally-placed plat-
installed on the field by the form should be able to reach all
autumn next year and the first corners of reservoir with a well
oil should be flowing by mid- deviation angle of no more than
1980. 52 degrees.

In keeping with most of the For a large portion of the

it does dttajl nia^y of the prob- seem obvious, particularly to assisted by a project services other North Sea projects structure, the pay roue is
loros that nave frustrated the contractors more used to contractor, Bechtel inter- Murchison has attracted its own around 300. feet deep giving
development of the first genera- bunding large land-based com- national. Eventually there will set of superlatives. The 25,000- total estimated recoverable ra-
tion of north bea oil fields it piexes. However, there was be more than 3,000 people work- ton platform “jacket” (the serves of around 380m. barrels,
also relates the progress that a g 0(K j deal of last-minute ing’ on the construction of basic frame) will be by far the assuming a 45 per cent re-
has been made in bringing such innovation associated with the toe. steel platform and associa- largest ever lowered from a covery rate. It is expected that
vastly comptes and costly pro- development of early North ted-'facilities. barge. It will stand in 515 feet peafc production rate will be

JCCts to fruition.- Sea fields. The oil industry 7 ' . . . f . „ of water, within 17 feet of the 150,000 barrels a day with an

Conoco is faced with develop- was breaking new technological £ North Sea’s depth record held average rate nearer 130,000 b/d.

n AalJ in harripK In tp.rms frf the size , UcVeiupUlunt pjan, at the naiohhnnrincr Thretln n

Sr nent w i * vr d Tr les *« »m. *>*«*>«>» » ■* « t. hoped ar . m

£500m. which will make Mur tackling many of toe problems seems the regarded by Conoco as a majoT tion agreement will be signed

rinson by far the most espen- during the construction and Qf ^ , ^ a far erv new-technolngy project. It is this summer it is recognised

ave smglo construction job that installation stages. Equipment ^ fielS where^S tree that the field will be equip- that it could be 1979 or even

toe U.S. group has ever under- and designs were constantly Mine cases^pante were nro! Ped with three sub-sea produc- 1980 before the British and
la * cn - being revised. , ceeding with little more than tjim wells: the 211/19-2 dis- Norwegian Governments sign a

However, Conoco and its part- But now, with oil flowing conceptual drawings. Conoco covery well and the 211/19-4 formal international treaty,

hers benefit from the fact that ashore in substantial quantities, has set up a Design Change appraisal well which will be ^noco haooenc tn ho a narr

Murchison will be the first of companies are- taking more Review Board whieh investi- used to boost oil production, par- in

toe second generation of North time, to plan second generation gates in a formal way aU appii- ttmlaxly m toe early years mid ^e median line so aSmtoe that

Sea fields. Hence Mr. Gregg's fields. cations tor ameotom® inde- 211/XM.rtW. anil fie need for

determination to draw on the And so it was with Murchison, signs. In essence each change waterifijwHon: Bott iwater and . £ e uie ° “Reserves ue

experience gained by those in- discovered in the Brent Sands has to be justified. The ques- gas will be injected into the ^ N * J

volved in the first generation- reservoir in 1975. Even when tiou is asked: “ It will inevitably structure to help maintain W ihin|to n )th e roffina^hDlds
Forties, Brent,. Piper and so the field’s development was alter toe costs and the fabrics- reservoir pressure. t 29-36 per cent, stake in the

‘ Dn b. . approved io September, 1976, tion programme so is it realty But toe platform will be of Q e \$ as a whole. Working on

“Some of the important ™«ch of the project planning necessary ?" conventional design. Conoco basis- the UJL partners—

■ toings that they have shown are had already been undertaken. The platform design and work looked at the possible alterna- Gul f and British National Oil

_ toe need for the thorough pre- ln this respect Conoco was schedules were worked out tives— aew concrete or tethered Corporation — each have a 27 66
Planning of the project; the fortunate in having the nucleus before the fabrication contracts leg structures, for example— but P g r cent share of the reserves,
need for bubstantiai completion of .'a project team which had were placed. The five yards decided that these had not yet BNOC gained its interest follow-
°f. design work in advance of been drawn together for the bidding for toe main platform beea sufficiently proven. If ing toe transfer of the
toe platform's fabrication: and development of the Hutton contract were given sections of Murchison had been approved National Coal Board’s former
'-the need for a well- thought out Field (still to he authorised) pipe to weld as lest pieces. two years later, it might have offshore interests. BNOC may
. Project management concept,” and toe ILK., portion of. the The order was placed with been a different story. not be the field operator but it

-said. Mr. Gregg. ' . Statfjord Field. McDermott’s of Ardersier. Scot- The field itself— yarned' after has shown that it" is not pre-

- ^ese . prerequisites , xnigiit. The expanded team is now. land, na . Friday, July 15 last the 19th-cfintnry Scottish geolo* pared to be a s teftp ra g partner

in the project either-

The other Norwegian part-
ners in the venture (again as-
suming that they control a total
of 17 per cent of reserves) are:
Statoii (8.5 per cent); Mobil
(2.55 .per cent.); Shell (1.7 per
cent.); Esso (1.7 per cent.);
Saga (0.32 per cenL); Amoco
(0.18 per cent.); Texas Eastern
(0.18 per cent) and Amerada
Hess (0.18 per cenL).

Irrespective of how much lies
on each aide of the line, all of
the produced oil -will be carried

via toe Brent pipeline system
to the Sullom Voe oil terminal
in the. ' Shetland- Islands.
(The Conoco group has taken
over toe pipeline _ capacity
reserved for toe transportation
of 'oil from the Hutton Field,

in which the consortium also
has a stake. The way in which
Hutton is to be exploited is still
being discussed although the
partners do have an option to
buy another share of the pipe-
line operations.)

In a similar way, associated
gas produced from Murchison
— and 'recoverable gas reserves
amount to over lSObn. cubic
feet— will probably be trans-
ported via the Brent gas line to
St Fergus.

This transport arrangement
could well lead to a unique
North Sea swap agreement Foi
one option now being discussed
is that oil from the Norwegian
sector of Murchison will be
exchanged (in some form of
paper deal), with, oil, produced

from the U.R. portion of 1
Norwegian-dominated Statfj(
Field. It is a happy coincide!
that partnerships in \
neighbouring fields {
identical.

If the deal comes off it y
be another example of how (
offshore producing ‘regime
maturing. In the North $
(south of the 62nd parafii
exploration is continuing in 6
different national zones. To t
south and west the French ai
Irish have their own offshc
areas adjoining those of t
U-K. Therefore, it seems rt
sonable to assume that over t!
next few years oil compani
will find several more fiel
that straddle median lines sui
as Statfjord and Mmy~h; B PlL

8

APPOINTMENTS

Eurobond Executive

• A successful City taseil joint venture between, three
prominent banking institutions is extending its activities in,
the Eurobond primary market.

• MESPONsmiTY will principally be for die development of
the placement side of the business in an international context.

• THE essential requirement is for experience at a senior level
in cither primary or secondary Eurobond dealing. Linguistic
ability will be an added advantage.

• initial salary negotiable to £15,600.

Write in complete confidence
f to R. X. Addis as adviser to the bank.

TYZACK & PARTNERS LTD

JO HALT.AM STREET - , LONDON WIN (iDf

1 2 CHARLOTTE SQUARE

and

EpfNBURGH EHZ 4.DN

Insurance Broking

FINANCE DIRECTOR

for one of the smaller quoted groups with a sustained record
ot profitable growth in the. UK and overseas. Impending
retirements produce the need to strengthen the Main Board
of the group.

• this is a new post with responsibility for the group’s
financial affairs with emphasis on finance planning and the
overall direction of accounting.

• A CHARTERED accountant is required with a record of
achievement at high level in a finance institution operating
internationally.

4

• terms are for discussion, well into five figures. Preferred
age. mid-thirties. Future prospects are unusually good: the
way to the top is open.

Write in complete confidence
to G. W. Elms as adviser to the group.

TYZACK & PARTNERS LTD

3 0 HALLAM STREET LONDON' WIN 6 DJ

12 CHARLOTTE SQUARE • EDINBURGH EH2 4DN

Company Secretary Designate

E. ANGLIA

£7,500+ car

Our Client, a public company, part of a group, a profitable Engineering
Company, is seeking to appoint a qualified Secretary or a Chartered Accountant
with secretarial experience, to become responsible to the Board for the full
Secretarial duties together with responsibility for a wide range of
administrative tasks.

Applicants must be at least ACISA or ACA experienced in the Company
Secretarial function. The person appointed will work with the present
Company Secretary for a period of up to one year so as to gain experience of the
annual task.

REWARDS: An initial salary of £7,500 is envisaged with excellent
conditions of employment including relocation assistance. A car will be
provided.

Apply In confidence. Ref 614.

Hales & Hindmarsh Associates Ltd.

Century House, 30/31 Jewry Street,
Winchester, Hampshire
■©Winchester (0962) 62253

Financial Times Friday January 27 1975

INTERNATIONAL APPOINTMENTS

pBfpig FOREIGN EXCHANGE DEALER

North Carolina National Bank

An experienced dealer age 27-31 required to develop our
exchange activities. A challenging opportunity demanding
considerable initiative. Usual fringe benefits. Salary dependent
upon age and experience.

Applications or enquiries to:—

Bernard A Furlonger
Manager, Foreign Exchange & Money
North Carolina National Bank
93 Gresham Street, London EC2V 7LE
Tel: 01-600 0401

ACCOUNTS MANAGER

C. £6.000 P-A.

IniilPinC. Brobei-i/LoH Adluicerc 'squire a verfitile person to dial with all
th* usual accounting functions undated with a small upending preFsnional

company.

Far a dlicuwor in oonfideneo contact; —

T aftt Owx op Chris Barnes,

IPS CROUP.

Llvjdi Avows Hmh. 4, Lloyds Avenue, London EON 3ES. Tel: Dl-UI 5792

DIRECTOR-

CHEMICALS

DIVISION

This group of companies it currently
Melting to expand its chemical divi-
sion trading in firm chemicals and
ctfcicrf pharmaceuticals. The position
entsib the reorganisation of maricst.
ing to aeqsire aw products, now
cusnnmrs and n*w Meat- The appoint-
mans would suit an individual currently
earning £1C-£1S.OQO with a background
in fine ebemicab or pharniMoudeil*
and at least 2 years of innovative
marketing experience at director level.
Far farther Information eomcn:
ilka No^rartJry on 01.405 0654
DRAKE P£8iQNNEL (Consultants)
121 Klngsway. W C.2

MANAGER

South Europe

A loading financial institution in the City specialising in
the financing of international trade requires a manager to
expand the present portfolio of clients which are situated
in Spain and Italy.

The successful candidate will probably be aged between
25 and 35 and have had at least 5 years experience in both
the marketing of international trade finance and credit
analysis.

Ability to negotiate at high level, a flexible approach and
the ability to work without dose supervision are para-
mount requirements.

Fluency in Spanish and Italian is essential, together with
sound educational qualifications, preferably up to
graduate standard.

The position will be based in London though considerable
travel toSouthern Europe will be required.

A salary of up to £8,000 p.a. plus considerable benefits
will be offered to the right candidate.

Please write in complete confidence giving full career
details and present remuneration to:

WALTER JUDD LIMITED (Ref: K910J,
(Incorporated Practitioners in Advertising)

1A Bow Lane, London EC4M 9EJ

General Manager

REINSURANCE COMPANY OF
TRINIDAD AND TOBAGO

A suitably qualified and experienced person is required
to be entirely in ebarge of the administration and
technical functions of the Company, which at the
inception will be transacting all forms of business other
than Life.

Applicants, under 40 years on 30th September 1977. must
be Associates or Fellows of the Chartered Insurance
Institute, London, and have at least ten years’ experience
in Underwriting Departments of a Direc Writing and/or
a Reinsurance Company.

Salary will be negotiable according to experience and
there are attractive fringe benefits.

Applications, giving full details of qualifications and
experience, with names and addresses of three referees,
should be sent to: The Reinsurance Adviser, Ministry of
Finance. Trinidad House, Port of Spain. Trinidad. W.l.
Closing date for application is 23rd February'. 1978..

BUSINESSES FOR SALE

FOR SALE

AS A GOING CONCERN

T/O £ 4 . 0 m. plus

CAB MANUFACTURER

TO

TRACTOR/'EARTH-MOVING INDUSTRIES

Freehold/Leasehold Factories— 90,500 sq. ft.. Plant and
Machinery. Fittings. Office Furniture.

EXCELLENT ORDER BOOK

Write Box T. 4814, Financial Times. 10. Cannon Street.
EC4P 4BY.

COMPANY NOTICES

NORGES KOMMUNALBANK
1971/1986 UA 15,000,000 LOAN

8on4t for the amount of UA 1.028.000 have been drawn for redemption m
the presence of a Notary Public on JanufeT 12. 1978. The Bondi will be
reimbursed cum coupon No. 8 on and after March 15, 1978.

The drawn debentures are those NOT YET PREVIOUSLY REDEEMED, included
in the rang* beginning:

at 1 21 96 to 13630 met.

A mount purchased: U A *7 2.000
Amount unamortircd: UA 10,700.000.

Outstanding drawn Bonds: 121 and 122. 126. 1?9, 206. 246 to 250 mcl..
287 to 289 met.. 323 and 324. 569. 575 to 581 Incl.. 584 and 585. 2734
and 2735. 27J7. 2745. 14863. 14893. 14896. 14899. 14916 and 14917. 14938
to 14946 incl.. 14973 co 14977 Incl.

Luxembourg, January 27. 1978

THE TRUSTEE,

FIN INTRUST SA.

CORRECTED NOTICE

N. V. 8NGELSCH-HOLLAND5CHZ
. BELEGGINGS TRUST

(ENGLISH AND DUTCH
INVESTMENT TRUST!

ESTABLISHED IN AMSTERDAM
PARTICIPATION CERTIFICATES
: Issued by Roval E«hanao Assurance}
NOTICE IS HEREBV GIVEN that
the net asset value (unaudited) of a
Participation Certificate as at December

3 1st. 1977. b»Ji»9 the official rate* g 1

uchangc. was pound* sirllnj IS. 85.

8v Order of the Beard.
HOLLANDSE KOOPMANSUANK N.V.

Momocra.

Saranatlstraat 14
AMSTERDAM C.

January 20th. 197J

NORFIPK

FINANCIAL JOURNALIST
HONG KONG

Hong Kong's leading English language newspaper is expanding
its Business News section and requires a senior and experienced
• financial journalist to fill a top post.

A first class bu^ness and financial journalist with a good
understanding p&. investments, balance sheet analysis, banking
and economics is needed. •

Generous salary and fringe benefits.

Reply with, references to the Editor, South China Morning
Post, P.O. Box 47, Hong Kong.

■formerly Norplpa A IS) __

US. S50.000.000 9',% Bonds du 1986
NOTICE IS HEREBY GIVEN that in
addition to the redemption obiloatlon or
Ui42.0W.D00 due on 1st April 1978,
N orpine 4A will redeem at oar a further
u_s,sz 000.000 as aarmltttd By Section
; 3tAl of the Terms ana comm<an* of tunc.
I Accordingly, the ertnefui amount ot
I Bonds to be drawn lor roormotlon on 1st
April 1978 Is U.S-S4.OT0.00O a"0 tne orln-
I deal amount el the loan mmainMij out-
.'standing after 1 st April I97B "ill
I u.S vit> 003 000.

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LABOUR NEWS

Monday’s tanker talks
vital to petrol supplies

BY NICK GARNETT. LABOUR STAFF

THE OIL. companies believe that
a meeting on Monday of shop
stewards representing tanker
drivers could be vital In
deciding whether there will be
severe dislocation to petrol and
oil supplies’ next week.-

The stewards will discuss
Department of Employment
response to improvements they
are seeking in a 15 per cent,
offer from the company.

The Government has told them
that the improvements, based on
increased consolidation, would
be outside guidelines, although
Government officials are under-
stood to be still examining one
of the union proposals.

The major oil companies have
been keeping in close touch with
each other on pay negotiations,
and interpretations on pay
guidelines . thrown up by the
Shell talks are likely to affect
any further negotiations at the

bp. ■« "£

Twaco have

Se°&om"we<to° 3<i »>'’ The eom-

sss S2T&

2£“ off If . the Shell .™«'! r ‘k

accept the Governments ruhn„

and decide to continue talk*.

Union officials think that Jn
increSS of £2 on the senerui
offer a new £73 basic w«j-
providing maximum weekly
SB? of about £ll5 T would
have been enough lo allow a
settlement but that if an over
time ban developed into a strike,
the drivers might aim to achicvi
a new weekly basic as high js
£90

So far, Mobil appears closest
to settling a deal, based on
already existing productivity
arrangements, without industrial
disruption.

The Department of
issued a statement >1 __
that it was watching the

lion clneely and the liUVMtEMitfg

would deride what action to is he,
if any. ir. the ease uf disruption
uf supplies. . ---

The Govern ment is understood:
to have a iramework of
fiftccncy nbnx bused uo
mu deliveries to «
services by using strategic"*
inhutuin points ready to.
a number of forms of inr*
disruption- .

An overt i me ban and work- j
rule could «l» l*lrul and
vupplfe* 1*5 ht'lwwa a quarmr
a«d a third ulihough some com.
Panics say the damage. could ba

M^Lorrv drivers in iha South Cif •
England and parts of Yorkshire
arc on the point of settling a
new pay deal, union officials uy
is outside pay guidelines.

[*■ - -V .

Welsh miners back

*

productivity scheme

BY ROBIN REEVES, WELSH CORRESPONDENT

Threat by

water

workers

By Philip Bassett

WATER WORKERS, who want a
.. . settlement Miml ir m that which
THE LAST stronghold of resis* Wales m mere" president, said ne j oni j ei j i hr firemen 5 ■strike,,
tance to pit-based productivity was obviously disappoin . [ Create ned industrial jetion yes-

schemes crumbled yesterday, he still regarded it as a teniay tn avhi**vf their a un.

when it emerged that South grade step. Bul he accepted he, The tt -:,ler-sup ply industry
Wales miners have voted decision of the ballot and would! . tVorkcrs haw.- been offered pay
decisively in favour of dropping be commencing negotiations wiui | j ncr( , aSt ^ within the Govern*
their opposition to a scheme in a the Coal Board to-day. : cien f 5 io per cent, guidelines,

pithead batloL Mr. Philip Weekes. the South | The first warning of industrial

*n,* Ml)t u,,c ri ffw in Wales area director of the NCB/j action by ihe 30.000 workers
^?lv 13 WS MtS issued 2 statement say3D S 5? came from ilk* National Union
v ? u f t ; or , 0D iL T !« nJi T? was pleased that the South > of PubliL . Employees- West

“uf 70 V ceSt of all Souto Wales rank^d-file had opted for, M f idltindsW jter Area Committee,
out /u per cent, ox an ooum sflme scheme as the rest of .. «« oivi.itmeinncps can

S

Wales miners.

£30 more in pay packets
as pit bonuses start

BX OUR LABOURED IT OR

M “Under no circumstances can-
_ . . . . . .. Britain. i the offer be regarded as fair and

The decision went against the * i know that many miners reasc>na bio The claim was for
recommendation of the area have had reservations, but they! ba5 j C £50 minimum a week and
executive of the National Union are realists, and we will do Jlj the oJ r cr produced only une of
of Jlmeworkers. wbuai called for we can to ensure the scheme) y, •• -y r Roqcr Poole, NUPE
a rejection of pit-based incen-. works falrli*. and together we t aS j.j s ia ri t‘ divNumal officer, said.
Uves in favour of a bonus deal ivill try to avoid the old prob-- Feelings were “running .«**
based on the average output i e ms." he said. (iremelv Tdch " among workers,

across the whole South Wales Mr. Weekes added that I Unless* the offer was improved-
coalfield. ’ hoped they would be able to ; SU bstantiallv his area committee

It compared with an S3 per start method studies with at; would havy’no alternative but to
cent rejection of the 'Coal least a dozen collieries within a; recomincII (f industrial action to
Board's productivity plans by few days, and, as soon asj lhc national executive.

South Wales miners last. October, standards were settled with focal: \ delegate conference of the
Commenting on the results. lodges, the Board could begin io) Ccnera j a „d Munieio:il Workers*
Mr. Emlyn Williams, the South arrange incentive payments. Uninn, 'with the largest single

! membership of water workers,
has decided in favour of a sell le-
nient on “ firemen " lines.

The demand is likely to be pul
to the employers ai a joint meet-
ing next week.

The firemen were promised
further rises this Nnvemher and
in November 1979 to link their
earnings with those «.f skilled
workers-

The linking of public and
MINERS IN the/Mid lands and payment in these early stages private sector pay presents prob-
North-West wiif to-day receive are adding up to fiearfy 50 perriems for the wtfer industry, said
the first bonus’ payments from cent, to their day-wage of just Mr. Charles Bonnet. GMM u
locally-negotiated output incen- over £71 a week. i national industrial officer. They

tive schemes; The National Coal Board will! needed to be 'examined “in the

Face workers at several pits not hesitate to give the bonus; context of the public sector as a

have earned more than £30 a Payments the widest publicity i whole."

utppk pTtra after exceeding the *sced &s it is with the first Full r

targets agreed between colliery Pu® n ^ TTT dPITI3IldS
managers and their union branch 3 J. UclIlalluD

ofRpiaic for the Faceworkers and pro rata i -

^ S ’ • , - . ... . increases for other underground! hOIDeWOrkerS

The bonus could be as high as surface workers. ^

SS Although the claim for about

mg to the National Coal Board. dtmbIe the pre sent basic rates

On-account payments have was devised as a target rather
been made in some areas already, than an immediate demand,
but to-day marks payment of the mum leaders have already said

M S e 5S|SSS t Ss , B £M!5!US

to M a f pply° tor "fncentiS G^TOrtS^tacoJfe* polky ^S 0 W ** ra “ a J t S , ft!jg2
schemes have also piled up a limit. .J ow * » S« n e rare , of £10-Ho

considerable backlog of bonus. They remain committed to a I , a ^ur week.

In the wake of the South higb basic wage Irrespective of ..J 1 . a « nt , t0

Wales miners' decision yester- bonuses. For the longer term. I - ^ , Bonl “- the employment
day. the whole country is now neither the Coal Board nor the|^ ecret ?. r 3'’' _ U3e General

covered, but South Wales and union can afford" to see the I ^ ounci : _ Mr ‘ ^ en . Murray.
Scotland have still to sign agree- national agreement undermined G *J ie . ral Secretary, said: *‘ It is
ments. by the weight of local output- not , 111 interests of home-

For the men at the face, bonus related bonuses. workers themselves, factory and

office workers, responsible
employers or Government that
exploitation should continue.”

The report stresses that the
TUC does not wish to encourage
homeworking, which mainly
involves women with family
commitments, the disabled, the
retired and immigrants. Their,
rate of pay is about a quarter
of the average earnings of
! women m full-time employment.
The report proposes a tri-

f

vr-

minimum

By Our Labour Staff
THE TUC called yesterday for
minimum wages and statutory

'-a

.\f.y

Hoover recalls 440

HOOVER is recalling 440 neering Employers’ Federation,
workers laid off at Its Cam bus- but the location is being kept
iaag factory, near Glasgow, secret.

which has been bit by a delivery More than 2.B00 workers are
drivers' strike in Wales. Still laid off at Hoover's Merthvr

The drivers have withdrawn washing machine factory and it'n-irrito iff. 0 ! 1 :., proposes a tri*
their pickets from the factory, is not known when the company j Employment ^wprPtSv^ndnilK
while talks are held today, and will bring them back to work SS reSm k

Hoover wants the 440 workers The Merthyr factory has h«n i ti« , . ,, .

to report for duty today. worst hit lS? the df^oute with ! , 1 7 h u wtL n J”v l,t sbou ,! d mak< *

Thfi ctTikP hy 47 drivers bfispd uiplrpte halting *it ?■ "• 1 whether hotn^work^rs aro

Tn ®.5!%. Dy 4 L^ ve ».^“ ?. lcKel ? ““*«• 3,1 deliveries at I employees or self-employed.

• Mr. .Tack Ashley. Labour MP
for Stoke-on-Trent South, who
has pressed the case iti
Parliament, raid the “sweated
labour” of homeworkers was “ a
national disgrace. " Ho was ask.
ing for a Parliamentary select
committee on the problem.

tn

at Cyfarthfa, near Merthyr the plant, Hoover’s biggest
Tydfil, south Wales, follows Europe. oigr.esi

their rejection of a basic 10 Many production lines have
per cent, pay rise offer. The been disrupted by a shortage of
men are demanding extra pay- supplies as a result of deliveries
ments involving overtime. being turned away by strikers
The peace talks are being held who belong to the Transport and
under the auspices of the Engi- General Workers’ Union.

i*

i

X

Rolls-Royce lay-off warning

BY OUR LABOUR STAFF

ROLLS-ROYCE's Midlands dis-
putes were complicated further
yesterday when management
gave a warning that unless a
sit-in at one of the company's
factories near Coventry is called
off by to-night more men will be
laid off.

The company is dealing with
three disputes in and around
Coventry. Talks were still going
on yesterday to try to reach an
agreement on an end to piece-
work at the aero-engines plant at
Parkside.

The agreement is a condition
of negotiations starting on a pay
claim by 2.600 manual workers
which the company says totals
at least 40 per cent. Rolls-Royce
has offered across-the-board in-
creases of £2 and additional
differential payments.

An overtime and. sub-contract-
ing ban by manual workers
HlCT^ ene ? production of the
RB199 and Pegasus engines made

at other Rolls-Royce plants for
the Tornado and Harrier air-
craft, but the Parkside plant is
working normally as talks go on.

Two smaller groups of workers
doing broadly the same job are
sitting-in at Rolls-Royce plants
at Ansty and Parkside. The 52
Ansty shop loaders and the 6S
Parkside progress tracers arc
boft in dispute over job gradings.

Eight-hundred and fifty manual
workers have been laid off from

the aero-engine works at Ansty.
and management mve a warning
hat a further SO— members of
wi - san * union as the shop
loaders, the Association <if Pro-
Executive, Clerical and
Computer stair— wm j oin t hem it
the slt-m is not called off.
t> ,?° hay® been laid off

2f fc SUI » l « dispute at Parkside,
although the men sitUnc-in. like
the Ansty men, have
suspended.

British Leyland talks go on

RESUMED TALKS were still
going on last night to try to find
a settlement to the 12-xveck-r.ld
unofficial strike by 2.000 workers
at the British Leyland car plant
at Speke. Merseyside.

National and local union
loaders, shop stewards and Ley-

mSlil? anaee ^ em °fficials a vrere
meeting in Coventry over the

dispute which has stopped pro*
duct jo n of the Triumph TR7
since November las- vear and tn
which 3.500 men hate been laid

nil.

• "op- «»f a return ti» work of
luou preniroum workers at -lb*.
tord car r.i,tory at Halcwoodv
Merseyside, rest vn ;i
adjourn eel on Wednesdays e&tXL-
this jnurning. . . . - •'.*

k

11 *

■ Ell

Bangladesh

, British Virgin Is.

©

|2*ryr:

F 1 ^ 13

Cambodia (Kara

CapeVferdels.

Cayman Is.

Ce n t ral African Empire

4k

Cameroon

(T.

' ± +

.1

K-. .

Comoro Is.

|^L7

71 ^

l"l

Dominica

Dominican Rcpubik

r^:

^'17
7^

German Democratic Republic | Germany, Federal Republic of

* * Hr

Gilbert Is.

Guinea-Bissau

m

4-

Korea, Republic of

liwhiHMi wi

Luxembourg

Malagasy Republic

III

71 "sT*

Niger

Nigeria

N

Puerto Rico

San Marino

Seychelles

IjJ

SJoTomfr Principe

Saudi Arabia

Sri tanka

Trinidad and Tobago

Union of Soriec Socialist Republics | U triced Arab Emirates

711 ^

United Kingdom

Upper %Wa

Xfetem Samoa

\fanetr Arab Rcpab&c | YbncnPeopks Democratic Rq»bCc

Proportions and shades
of colour may not always
conform exactly ro official
national specifications.

. ?-*:V i * 5

WORLD OF BANKING

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1977 surveys the progress of our operations in more than 70
countries around the world. For your copy, send the coupon
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54 Lombard Street, London EC3P 3 AH.

The Barclays eagle marks those countries in which the banks of the
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year ended 30th September 1977. (block capitais please) F.T.I

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tost Cod<

BARCLAYS

International

Financial Times Friday .January 27 197S

PARLIAMENT AND POLITICS

m

apologises for delay
otland Bill yoting

Healey
firm on

Tories promise
to ensure

BY PHHJP RAWSTORNE

incomes

TORIES WERE incensed by it
* • * the Speaker strbngly depre-
cated it . . . Mr. Michael Foot
sincerely apologised for it-

Not for more than 50 years
bad the Commons been forced
to wait for a vote because MPs
were still lingering if» the lobby
for ao earlier count

The men who kept the
Commons waiting were Mrs
Walter Harrison. Government
deputy Chief Whip, and two
other Whips. Mr. Jack Dortnand
and Mr. Jock Slallard.

Two Scottish Nationalist MPs
— Mr. Hamish Watt and Mr.
Douglas Henderson — were also
chatting in the lobby while the
tellers stood at the door to record
their voles.

Mr Speaker Fitzroy had taken
a stem view in 1926 of such a
possible obstruction to the demo-
cratic process. And Speaker
Thomas took a dim view yester-
day of the previous night's
events when Tory MPs claimed
that the Government was trying

for Rutland, donned the top hat Speaker rejoined. But that admitted. But there had been no nA jiAir
which is needed to attract the would only have caused more deliberate attempt to delay tpe .w

attention of the chair during a delay and the vote could not vote. 44 We could have done tnat . MT %f

division. MPs were sitting in the have been taken. in the orthodox way with ■■ .

Government lobby and not being Mr. Frauds Pym, Tory spokes- order he said, to i an S“t«^ ?Y »

counted, he complained. man, amid Labour protests, said , r I think you have helped the Parham entaiy Staff

Amid cheers. Sir Myer Galpern, that Mr. Foot's statement had House enough by now, me

Deputy Speaker, sent Col. Peter been 14 half admission, half Speaker responded— and the BACK-BENCH Labour criticism

Tborne. Scrjeant-at-Arms, to excuse.” There had been a issue was laughed off Tor the 0 f the Government’s incomes

investigate. deliberate attempt to prevent a moment, at least policy failed to make any imjpres-

Press freedom

Labour MP, Mr. William Hamit vote taking place,
ton. said that at lean five MPs
were flatly refusing to leave the
lobby. “Cheat, cheat," shouted
the Tories.

The Serje ant-at-Arms returned.

There was a whispered consulta-
tion — and Sir Myer ordered the
tellers to report their count.

10 .58 p.m. Two minutes before
the scheduled close of business
and 19 minutes after the vote
began, the second Government
defeat was announced: 16S votes
to 142.

10J39 p-m. Mr. Jo Grimond,
poised on the edge of his seat,
leapt to his feet to propose that
Orkney and Shetland be given
the rlitht to opt out of devolu-
tion. “A damned close run thing
if I may say so." he added. * -

Amid Tory jubilation, the
Government was defeated again
by 204 votes to US.

Mr. Foot told the Commons
yesterday that he had conducted
immediate inquiries into the
MPs who bad dallied in the
lobby.

They had " apparently been Sir Myer Galpern *. . . order
engaged in an altercation ... to Serjeant-at-Arms.
about a subsequent division.'* he
told MPs. “I think this dis- . „

cussion was improperly pro- waiter nar

To-day, a report by the Ser- sion on Hr. Denis Healey,
jean t-at- Arms* naming the “often- Chancellor of the Exchequer in
ders," is to be published in the Commons yesterday.
Hansard. Senior Tories believe He was joined by Mr. Joel
that Mr. Harrison, at least, Barnett, the Chief Secretary, in
should resign as Government emphasising the continuing

deputy chief whip over this- neet j for voluntary arrangements
abuse of Parlia m ent." He has enable increases in pay

been criticised before for bis un- be Kept in line with increases
orthodox whipping techniques. ^ productivity.

None of which, oy the way, have „

brought the Government any Ministers also contended that

brought the Government any ' Ministers also contended that
success moderation m wage settlements

_ . . i _ played a major role in combat-

There are demands, too, for ^ unemployment, and the
a time limit on future Commons canceller hinted that Mr.
divisions. Albert Booth, the Employment

Mr. Foot could also have to Secretary, is likely to announce
resign himself to .the fact that new measures to safeguard jobs,
the Government may be unable wben - be speaks In the une in-
to clear the obstacles -now -placed pioyraent debate in the House on
in the path of its devolution -Monday.

defeats* ne^monih m^the a categorical assurance that
° ^ “ there would be no “ Stage Four ”

fh.ir nvn P*y policy was brnsbed aside by
Tory leaders, with their own .l. rhanmiim- aitiinnoii >u»

Hr. Hamish Watt . . . queried
44 all the excitement.”

Tory leaders, with their own he

proposals for referenda to that ft was too early to

lobby. curb union excesses, are not too a _ v indication of the

They had “ apparently been Sir Myer Galpern •. . . order happy about fixing precise per- f opm Q - f wb ich the

engaged in an altercation ... to Serjeant-at-Arms. centages to the size of vote GoTerninBnt ^ ^ app i y

about a subsequent division.” he required in such polls to justify ^ .j^ pajf round— except

told MPs. 11 1 think this dis- . __ . action. 'for rnlinB out anv return to

cussion was improperly pro- Walter Harnson. now sit- But t j,e massive majority for statutory controls-

longed and couid have affected JJng in the gangway between the rigbt giTen l0 Orkney 6 __ ^ ,

the timing of the next vote. Government benches, remained and Shetland to opt out of de- . W** 1 ® admitting that difficul-

although in the event, it did sheepishly silent. But Mr. V0luti0n wlu ** be eas ily ties were caused to he nsUittM

nol - Hamish Watt, as one of those whittled away. *• in. the present- policy. Mr. Healey

Such action could not be con- involved, ’’ said -he could not The Lords— and even more arguai l

doned and would not happen understand all the excitement, commoners — may- begin to look Tnore ..flexible than that.operated

again, Mr- Foot apologised. Scottish Nationalists had been with greater scepticism on d preceaing .years;; ,

The MPs might well have been engaged in a prolonged discus- volved Scotland with an English. IAs'.for“-fhe- future, 'Mr.. Healey
disciplined at the time, the sion with Government Whips, he enclave.. in the ■ftllrftch islands.. -''saijrha.woulffJikeio' see. arrange-.

- --menrSr iT pdislWe,'. which went

n # . ... . . further towkrds curfng the dis-

Poll shows fall m Assembly support

» * * (hs Inert IhrflB TB9K. .

BY ANTHONY MORETON, REGIONAL AFFAIRS EDITOR

to avert defeat on the Scotland
Bill by such “cheating."

Wednesday night's sequence
went like this:

10.26 p.m. Labour rebel. Mr.
George Cunningham’s amend-
ment requiring devolution to be
confirmed by 40 per cent oF the
total Scottish electorate was put
to the vote.

1IL3S p.m. The Government
was defeated by 166 votes to 151.
It had taken 12 minutes, slightly
less than usual, for the count.

10-39 p ju. Another amendment,
supporting the first, was called.
The division bells rang again.
Fifteen minutes passed and
those MPs who had voted and
returned to their seats grew
restive.

Hr. Kenneth Lewis, Tory MP

CONFUSION OVEB what the
Scottish voter actually thinks
of devolution came last night
when a poll produced for the
Scotland is British campaign
showed there had been a sharp
fall In support for an Assembly
compared with six months
earlier.

In answer to the question:
Ti'ould you vote In faTOur of
the devolution Bill In a
referendum, only 38 per cent,
replied: Yes. This compares
with 43 per cent In a similar
poll last June and 55 per cent.
In February, 1977.

Those who said they would
vote against rose by three
points to 36 per cent, compared
with 33 per cent, in June and
28 per cent last February.

The poll, conducted by Field-
work Scotland and taken on
January 13 and 14 showed that
26 per cent were ** don’t
knows,” against 24 per cent in
June and 16 per cent 11
months ago.

The Scotland is British cam-
paign is an all-party organisa-
tion set up to fight devolution.

In a second question only 19
per cent, favoured the break-
up of the UJL, a large drop
from the 26 per cent in June,
1977. Seventy-one per cent
opposed break-up (68 per
cent) and 9 per cent, were
don’t knows (6 per cent).

This. swing against devolu-
tion conflicts to some extent
with other polls of a' similar
nature taken recently. NOP

Market Research, for instance,
found in December that 57 per
cent were in favour of the
Government’s plans for an
elected assembly in Scotland,
with only 28 percent against.
Significantly, 46 per cent of
the Conservatives polled said
they favoured the ; plans.

campaign figures arc correct
there would be no chance of
an Assembly coming into being
given the amendment carried
in the Commons on Wednesday
night which lays down that 40
per cent, of the total electorate
most be in favour of devolu-
tion in any referendum before
the Government can set op an
assembly.

Sounds of anger . . . but joy in Shetlands

the lost three years..'

Support for the Chancellor was
voiced by Mr- Giles Badice (Lab.,
Chester-le-Street). a leading
member of the Labour Manifesto
Group, who emphasised that
manv Labour MPs welcomed the
fact 'that talks were taking place
at the present time on future pay
policy rather than wait until
later.

Acknowledging this to be the
case, Mr; Healey commented:

ouer-wbo has-Hved through
the last 34 years— indeed, the
last 15 or 20~-«an doubt that
maintaining a level of earnings
which is dose to -the levels of
increases in productivity is a
pre-condition for curbing Infla-
tion to levels whit* would allow
us to maintain high employ-
ment”

Nobody in the trade union
movement with whom he had dis-
cussed incomes policy had sought
to deny this view.

This led Mr. 'Enoch Powell
(ITU Down South) to interject:
“It Is total nonsense."

THE NEXT Conservative Govern-
ment would act to ensure Press
freedom. Lord Bedesdale, Opposi-
tion spokesman, said in the
Lords yesterday.

- Safeguards proposed by the
Royal Commission on the Press
were too vague and toothless, he
declared. Lord Bedesdale spoke
of the danger of having a legally
constituted Press charter. “If
Parliament can set it up. Parlia-
ment can tamper with it. That
is dangerous.

“When this party gets into
power at the next election, we
are going to do something about
this. We will rectify the situa-
tion and ensure that we retrieve
some of the freedoms that are In
danger and, In fact, to a degree;
have already been lost.”

Lord Redesdale accused Mr.
Michael Foot. Leader of the Com-
mons, of ruthless determination
to achieve his ends on the
Press charter and the journa-
lists’ closed shop.

It was inevitable that a closed
shop for journalists would lead
to Press censorship by tbe union
concerned. The pressures that
could be brought to bear in .a
closed shop were enormous, and-
so was the harm that could be
done to individuals.

Referring to new technology
in the newspaper industry. Lord
Redesdale said the situation was
dismal. Tbe price of new tech-
nology at the Daily Mirror had
been enormous in terms of stop-
pages and of trying to get
agreements.

Lord Wigoder (L) said that
journalists, like the police and
armed forces, were so important
to our society that they must be
free to decide for themselves
whether they wanted to join a
union and take part in- its
activities. ■ ■

From the cross-benches Lord
Hartwell, Editor-in-chief of the
Daily ' Telegraph, said that the
Royal Commission's recommen-
dations for a Press .charter were
over-simplified. He also - dis-
agreed with its view on editorial
responsibility.

Although the editor was the
one who went to jail, on most
Fleet Street newspapers there
were hundreds of journalists,
many of them with, various
editorial responsibilities. ‘

Lord Hunt said that a closed
shop in journalism would be a
real threat to Press freedom. He
and the other members of the
Royal Commission may have
been too optimistic in hoping
that safeguards without sanc-
tions would work, but they were
convinced they should be given
every chance. .

Lord Cndlipp, former chairman
of the International Publishing
Corporation, said that up to
five vears ago he could have been
counted on to defend the Press
against all-comers, but now he
was a dissatisfied customer.

The national press, on its cur-
rent form, was letting the public
down and therefore, undermin-
ing democracy. “A daily news-
paper, which is not published
every day, and when it is pub-
lished, is blemished by jumbled
words and missing lines, is an
.amateur shorn ination."

Lord Cudlipp added: “The
sorry performance of tbe British
Press in 1977, now going on in
1978, deprives newspapers of
their right and duty to criticise
the industrial horrors of other
industries.” , .

For the Government, Lord
Oram said it was considering the
majority and minority reports oE
the Royal Commission on how
to fill the gap in the newspaper
spectrum to provide a moderate
Left-wing national daily. It was
also considering reactions to both
reports. , _

The Government shared the
concern about the concentration
of ownership in the local Press.
It was giving close attention to
the Royal Commission's ■ recom-
mendations for newspaper mer-
gers legislation, taking into
account public comments so far
received.

Meanwhile, the Government
would continue to apply exist-
ing legislation in a way which,
as far as prasible. maintained the
diversity of the Press, consistent
with its prosperity.

Turning to the question of a
Press charter. Lord Oram said
that after consultations which
would include the CBI and the
TUC. the Employment Secretary
(Mr. Booth) would prepare a
draft charter which would be sub-
mitted to both Houses of Parlia-
ment

Big vote
to limit
EEC Bill
debate

By John Hunt Parliamentary
Correspondent

THE ■ GOVERNMENT'S con-
troversial proposal to guillotine
debate on the Bill for direct t?k?c-
tions to the European Parliament
was approved in the Commons*
last night by a majority o[ 177
(314-1371 after three hours uf
heated debate-

An equal number of Tory and
Labour anti-Markctceers 6 1
from each party^— voted against
the timetable motion. They
were joined by the ulster
Unionists, the Scottish National
Partv and Mr. Gerry Fitt, of tn«[
SDLP. - 4

The Liberals and a majority of
the Tories supported the Govern-
ment. T

The result means that furthe^

Commons debate on the Etirny
.... Aceomhlv Elections Bin

MPs dispute plans
for Commons radio

FINANCIAL TIMES REPORTER

REVOLUTIONISTS in Scotland
were predictably enraged yester-
day by the failure of the
Government to beat off amend-
ments which could nnderniine
the whole concept of devolution.

They were particularly
annoyed that a Scottish Assembly
should have been made condi-
tional on the “Yes" vote in the
referendum receiving at least
40 per cent, support by the whole
electorate.

Mr. Jim Sillars. MP for South
Ayrshire and leader of the break-
away Scottish Labour Party,
thought it would be impossible to
restore tbe Bill’s status quo. He

was also apprehensively about
tbe likelihood of 40 per cent, of
the electorate actually voting for
devolution.

** I anticipate the amendment
being carried in the Act, which
means that if we achieve exactly
the same result as the Common
Market ‘Yes’ campaign, the
Scot Hind Act will be repealed by
tbe Government" The campaign
for EEC entry bad been
supported by only 36 per cent,
of the total electorate.

Mr. Farquhur Macintosh,
Rector of the High School,
Edinburgh, and a leading
member of the newly-formed

umbrella group of pro-devolu-.
tionists, said the amendment was
"an outrageous attempt: ■•to;
change, the " ruleis 1 as the game
proceeds." ■'« • '

Lord Kilbrandon, chairman of
the umbrella organisation,
thought that the proponents
would just have to fight harder.
“ If we do a little better than
tbe “Yes” vote in the Common
Market referendum, that will
satisfy us.”

Indifference, he thought, would
be equivalent to a “ No ” vote.

Mr. Hamish Watt, the Scottish
National Party's chief whip in
the Commons, was sure there

would ‘hi a large fibriL-dut ;“to
ensure^.that England ;do^s .nel
Impose its will, on
•Se'dtlani" !’*■

fa Orkney - and Shetland” there
was delight that' a second amend-
ment bad been carried, giving tile'
right to opt out of a devolved
Scotland.

'The Chancellor- gave his hint -
;df 'an announcement of pew
measures ; ..to. l.safeguaxd : jobs,.;
wfceh respofldfogr.to'^fUriher pres;-"
Jsjxfev .from :tibe ; -Labour back'
bent®ei» t&T- defemihed Govern^
menf actlofi. to.Mfrs-’tlut tW
TfttEporar^ Employment Subsidy
<TE5)'is followed by an equally
effective: successor scheme when
it' expires at -the end of March.

Mr. Alex Tulloch. convenor of
the Shetland Islands council, was
surprised but “very happy" at
the decision, while Mr. George
Marwick, convenor in Orkney,
was relieved that the result did
not bring a Scottish Assembly
any nearer.

ENGLISH CHINA CLAYS LIMITED

'-"He said: “I hope Mr. Booth
will be in a- position' in. the very
near future to make an announce-
ment about further, measures of
this nature."

'Referring to objections raised
by other EEC countries about
the operation of the TES, Mr.
Healey said be was confident that
suitable adjustments could be
negotiated which would satisfy
I the interests. Of all concerned.

BY JOHN HUIJT

AN ANGRY ROW blew up in
the Commons, late last night over
the method- of Parliamentary
control to be adopted when radio
broadcasting of the proceedings
of the House starts shortly.

- Mr. William Price, Parlia-
mentary Secretary to the Privy
Council Office,, .said regular
transmissions were expected to.
start immediately after Easter.

Work on. temporary accommo-
dation for thfe BBC - and the
independent- . radio 1 companies
was nearing ..completion ip
Bridge Street- near the House,
and should be ready by February
24-

.Last night’s- dispute was over
.the Government's proposal that
a Select Committee of' MPs
should be set up to oversee the
broadcasting arrangements. Mr.
Price said that if MPs rejected
this, then broadcasting could not
start on the planned date and

further discussions would have
to take place.

A considerable number of MPs
in the chamber objected to the
Select Committee proposal. They
wanted tbe Commons to have its
own broadcasting unit to control
the material which goes out to
the BBC and the independent
companies-

Me. Dennis Skinner (Lab.. Bol-
sover) protested that a. Select
Committee would inevitably
mean a “cosy arrangement” be?
'tween its members, and the
■broadcasters ..

• Mr. Price explained that the
main- reason for the Select Com-
mittee was that the House should
not appear to have any. form of
editorial control over broadcast-
ing. That was the view of the
broadcasting authorities, and he
suspected that it was shared by
many MPs. But this did not mean
that the broadcasters . would be
unaccountable.

LORD ABERCONWAY
reports on a difficult
but successful yean

Main points
from the
Chairman's
Statement

English

China*.:

GlaySft

§TCf\X&' '

CONSOLIDATED PROFIT STATEMENT

for the year ended 30th September

1977

1976

£'000

rooo

Turnover

203.742

154,977

Group profit before taxation

30.477

24.469

Group profit after taxation

15,475

11,904

Dividends

5.723

3,265

Profit retained

9,752

8,639 ’

Earnings (after taxation) per share

9.96p

8.57p

Dividend cover (times)

2.7

3.65

Exchange

control

caution

pean Assembly Elections ' BiTT
will now be curtailed to three
davs— two days far committee,
and one for report stage an«
third reading.

The anti-Market Labour MPs,
defied a two-linc whip to vote,
against the measure but tne ;
Tories were allowed a free vote
to take account of the deep divi-
sions within their own ranks.-.
During the debate, the dinep-
enccs of opinion in both major,
parlies soon became apparent. ^

Mr. John Lee (Lab., Hands-
worth) warned that be would;
consider resigning Hie Labour
whip and might sit as an inde-
pendent if the guillotine motion
went through.

Angrily, he told the House that
in that event, he would seek to
join a *' Kamikaze squad " to hold
up Government legislation, pro-
vided that 10 or 12 Labour MPs
would join him.

“If I cannot set that. 1 am
resigning the whip forthwith and
will sit For the rest of this
Parliament as an independent
MP." he said.

On the other side of the House,
Mr. Neil Marten (C*., Banbury),
a leading oponent of the Market,
made a bitter attack on the Coil’
servative front bench for
supporting the guillotine. It was
time that people in the European
movement and the' Tory Party
started speaking up for Britain'

Mr. Enoch Powell <UU„ Down'
S,), made tt strong-attack on the
Conservative leadership and the
Government. The Government,
he said, had lost the moral right
to ask the House to accept the
motion.

“ But the Opposition, b.v failing
to oppose it, have cast away tbe
opportunity they ought to hn
seeking to lead tbe House, for
that is the condition of leading
the nation," he added.

Opening the debate. Sir. Meri.vit
Rees, Home Secretary, told I he
House that the guillotine was
essential in order to prevent the
possibility of endless debate.
Direct elections, he said, would
now presumably be held some-
time in 1979.

The divisions among the Con-
servatives were acknowledged by
Mr. David Howell, a Conservative
home affairs spokesman, speaking
from the Conservative front
bench.

There was derisive Labour
laughter as he admitted: ” I
make no secret of the fact that
this timetable motion places me
and ray right honourable friends
in something of a dilemma.”

Although he reluctantly advo-
cated the guillotine, he fully
realised that some of his anti-
Market colleagues would oppose

• The new clause to tbe Euro-
pean Assembly Elections Bill
promised by Dr. David Owen, the
Foreign Secretary, was published
yesterday.

The clause states that no treaty
which provides for any increase
m the powers of tbe European
Assembly shall be ratified by the

By' Ivor Owen

RESULTS

Group profit was fully in line with expectations in the face of
the failure of the paper industry to achieve its expected
recovery, the continued slow down in public sector housing,
and the further reduction in volume in the U.K. quarrying
industry.

The total dividend for the year has increased from 2.43S7p.
ro3.5538p. per share, net. and is the maximum permitted
dividend after adjustment to take account of the decrease
from 35% to 34% in the rate of advance corporation tax.

CLAY DIVISION

—■ Market share has been maintained despite adverse
trading conditions.

— Service to customers, particularly overseas, has been
improved, with storage capacity and stocks held abroad
being nearly doubled.

A high degree of success has been achieved in
satisfying the technological needs of customers ; in
producing higher quality clays from less naturally high
quality materials ; and in fuel economy.

QUARRIES & BUILDING DIVISIONS

— The Quarries Division has been robust in trading well
against a background of substantially lower demand.
The contribution of Baddy Industries, acquired during
the year, has helped significantly.

— The Building Division has given a good account of
itself in difficult circumstances and has expanded its
private estate development leisure and overseas
businesses to counter the shrinkage in its public
sector business.

PROSPECTS

With capacity in the European paper industry greatly in
excess of demand, stocks of paper high, and tile price
structure highly competitive, there is little prospect of the -
Clay Division securing significant increases in export prices *’
commensurate with cost increases.

Despite those! actors, the growth of indigenous competition;
and the relative strength of sterling, we are confident that we
will continue to maintain our market share.

Prospects for the Quarries Division remain similar to those
of a year ago. The Government's intention to allow some
£400,000.000 of additional work later this year for the
building and construction industry is welcome and, although
representing only a few days* workload for the industry,
rs a sign that It may be beginning to realise that expenditure
on public works spreads employment far beyond the
confines of the industries directly concerned.

Good prospects in thte country for private estate
development, and further interests acquired on the leisure '
side, together with a shift overseas in the emphasis on
public sector housing, give hope for a reasonably good year
for the Building Division.

Overall, prospects for the Group in the current year, while
not encouraging, may yield a modest increase in profit,

ANNUAL GENERAL MEETING
The 59th Annual General Meeting of-the Company will be
held at Hyde Park Hotel, Knightsbridge, London, SW1, on
Wednesday 22nd February 1 978, at 1 2J30 p.m.

Copies of the Chairman's Statement together with the Report
and Accounts may be obtained upon application to the
Company Secretary, John Keay House, St, Austell, Cornwall.

OPPOSITION PRESSURE for a
further relaxation of exchange
control brought a guarded
response from Mr. Denis Healey,
the Chancellor of the Exchequer,
in the Commons yesterday.

While promising to keep it
under continuous review, he said
that there was a tendency in
some circles to exaggerate
grossly, the effect of exchange
contra!, relaxation.

Referring to the adjustments
last October, he stated that
.liberalising of sterling borrow-
ing by- non-resident controlled
manufacturing companies for
their U.K- business had stimula-
ted some interest This could
lead to additional Industrial
investment from overseas.

The greater freedom for banks
and insurance companies to
retain foreign currency should
help them compete for business
abroad and so assist invisible
earnings. This might also bring
benefit in the longer run to
domestic employment

It was too early for more
-detailed - assessment, of the
impact of the changes made in
October.

Abolition of the 25 per cent
reouirement would mean about
£200m. less Inflow into the
reserves in 1978. but would
enable U.K. portfolios of foreign '
eurrenev securities to be man-
aged more effectively.

W ucn l-iaust* IO Uje J5UTO-

Labour leaders happy

over Newham ruling Sssarss'JS'ssK

BY RUPERT CORNWELL, LOBBY STAFF the powers Of the European

breath^ outccra^MrLcwi 5 spoke of the U.K. unless tthas bee? approved
yesterday breathing possibility 0 f an appeal to the b Y an Act of the Westminster
“S5S "mg l 3 l JS, am l 53 ^ £° rds , ^ the meantime, a num- Parliament.

week s Appeal ber of court actions are outstand-
Cpurt judgments reasserting the mg, in their unrelenting battle -*r .

NatiomH Executive Committee's to break the grip of iJt wing wppt’c

S5SJ& JTJSu Pirty ta cies’ i3tS K . WeeKS

The key point of the ruling . Lord Denning said, in his OUSiflCSS

£ y n L °T rd Denning. Master judgment, that .the situation at MONDAY: Debate on cwploy-

of tiie Rolls, Lord Justice Ortnrod Newham resemoled a state of meni; motion . PH F.EC

Justice Lane, is its war. The two factions were so documents on excise duly

i AT i unnroa wewuam resemoled a state of motion Oh F.EC

h* .ff 8 faclions were so documents on excise duly

rejection of the attempt by the locked in their struggle that the harmonisation.

militant moderate faction at NEC had been forced to take T^DaY; Scotland Bill com-
Newham to challenge the NEC’s action, and suspend the lo^tt n »ttoc.
right to suspend the strife-tom party officers. Wednesday : Scotland Pill

constituency party. #Mr. Lewis suffered a second motion on Commu-

In doing so, the Appeal Court blow when he lost his seat in nily drivers’ hours rules

has merely reiterated what Trans- Newham ward election The temporary modifications! re-

port House had always believed moderates are now said' to con-

to be the position. Had the Wol only two of the eonstitil T, LV R, UA ' : European Assembly
judgment gone the other way. a enc >'' s nin e wards. committee,

precedent would have been set! — Pm.uo Member*

Pav blacklist

FIVE OF the 19 ' firms black-
listed for breaching Government
nay policy have twice ignored
tbe official guidelines. Mr. Joel
Barnett Chief Secretary to the
Treasury, said in a Commons
-written reply vesterdav.

which might have invalidated
NEC efforts to step into any con-
stituency party's affairs.

The way now looks open for a
long stalled annual meeting in
Newham to go ahead. A new
executive can then be chosen
which wilL la turn, be able tq
select a Labour candidate to re-
place Mr. Reg Prentice, who. last
year, defected to the Conserva-
tives.

TiJ?!E!E‘. Wl, ? f iS „ aUo Serial.

committed
5 0sla °E around
S20.000, arising from the barrage
of action brought by the iS

w l lh Thj s

least temporarily. 1

•$* »ES» 2 gr d « n y»* 3 «L

prmntin! Transport Hons" , ’l"
pondrns then, from UboTn,^.'

Unll’rhISr’Labour" R 'S

« that no

being considered, had Was
sented to the judge, Pre ‘

Hi-snnnointad at tv*

NEW

INTEREST

RATES

^Sonon1?tnaS 0 r 0f ,hc ““'"SSocimW

will reduce tho^ u i7* baiew W Bunding SocteTV
Accounts (««b" IS ‘ ra i° atl . Share mi Deposit .

A Dbdosib) by o. 5 ?i from
1 st February 1975.

gateway

SOCIETY

1

DlSl'it.- OStlCO' tJfli'.jjLV 0 :!.*'* * ^*35 -A'

„ »u-Th*r ^ Alnn ” Ihr <w*i>-’UI Wtu-L

Hbm OH 'cc. Got^v rttwier**

- ' L Je " * A W* tTnr* trt* rJS#*

:k

V* -■ • S V« ‘

- Jlaandal Times Friday January 27 1978

, - FINANCIAL TIMES SURVEY

Friday January 27 1978

A new

ns

By Rhys David

Textile Corespondent
IT IS NOT often an industry
sets the chance of a new start,
bat this would .seem to be the
position in which ILK. textiles
finds itself. After prolonged
negotiations last year, the EEC
readied a series of agreements
with the leading low-cost sup-
pliers of textiles around the
wdrld which should give the
■Tnmestic industry in Europe a
---h greater degree of protec-
s gainst sudden surges in
-i ' levels in future.

■> agreements— now iocor-
; d as the second round of
• . ;.\TT Multi-Fibre Arrange-
: •:i (MFA)— Will, not .secure
jiy actual reduction in levels
of. textile . and’ clothing imports
Into . Europe, which, have
reached an overall penetration
of around 30 per cent Indeed,
an overall growth sate of
around & per cent per annum
will stOi be allowed. The sig-
nificance of the MFA deal
which Europe’ has achieved,
however, ties in the way it is
framed. The products- where
import penetration is already
very high, and the countries

with the highest share of Euro-
pean markets, have bad to
accept very tight restrictions.
Furthermore, under provisions
which the EEC has succeeded
in writing into the agreements,
it will be possible to put under
restraint _any product or any
supplier where disruption, in
.European markets is threatened.

The new MFA agreement is
thus intended to remove weak-
nesses in the previous agree-
ment which allowed a growth
rate in imports to . take place
between 1974 and 1977 in excess
of 15 per cent per annum, at
a time when the European
textile industry was already
experiencing the effects of the
worst recession since The : war.
As such — and with the im-
portant proviso that the agrea-
ments . prove watertight— the
industry in Britain and the rest
of Europe does , have the - pros-
pect of being able to plan
against a background ■ of
stability, knowing roughly, at
any rate, how much of -the
European .market will be left
to it. in future after imports.

Negotiations

The - strong line .which the
EEC took in the negotiations
can be traced back directly- to
the pressure which the ILKiKri-
dustry has been' exerting Tor
the past two years for greater
protection. Britain — supported
by . France— has played a dom-
inant role in preparing the evi-
dence which the various Euro-
pean textile trade associations
have been patting to Brussels,
but of equal importance to the
industry has been its success in
getting its message across to
the ILK. government The sig-
nificance of this was stressed
recently by Dr. Brian Smith,
president of the British Textile
Confederation. “The major
achievement during 1977. w»

The new Multi-Fibre Arrangement should create more stable trading
conditions for UK textile manufacturers, but the industry still needs
to adapt and modernise if it is to secure its long term future.

the acceptance by the' U.K.
Government, and the authorities
of the EEC, of the vital econ-
omic, strategic; and .social role
of the textile and clothing in-
dustries,” he commented.

The industry's case broadly
has been that textiles, though
not a glamour industry like
aerospace or computers, is of
equal significance to the UJL
economy. In terms of employ-
ment the textiles and clothing
industry provide jobs for more
than 800.000 people in the U.K.,
and both its output and its ex-
ports — almost £2bn. in 1977 —
put it- in the top half dozen
sectors in size in the UJv. Fur-
thermore, unlike some other
U.K. industrial sectors, it has
an excellent record of labour
relations and a better invest-
ment record than industry as. a
whole over recent years. Largely
because of imports, the indus-
try has had to increase its in-
vestment and output simply to
survive.

In addition. Although in. image,
terms textiles is- never seen as
being at the frontiers: of nevr
technology* it is in fact subject
to constant technical change.
The clothing industry, for
example, now uses lasers for
fabric cutting and the knitting
industry employs computers for
pattern preparation. The con-
tinued search for economies of
production have resulted in
enormous increases in fibre and
fabric output speeds and in the
development of completely new
methods of, producing fabrics.

Equipping a modern mill now clothing and textile machinery,
requires very large capital in- and the cotton sector has also
vestment of as much as £30.000 been encouraged to seek invest-
per worker, and in fibre plants niebt qid under the Industry
the cost is even higher. Acl Textiles and clothing have

'tv,* ;ri j„ 0 ^, also been the main beneficiaries

hJ^een ^ttog ?a,^ coir,?d^

„ .L, ment Subsidy scheme, absorbing

bott ‘in hU Wb n lt ^S Sm *“*»*“£?

Brussels. It is not so long 80 far *

since the EEC was envisaging ^ .. ’ • • ’
the orderly transfer of textile jjDOIlSOT
and clo thin g production out of _

Europe to developing countries, „ With the Government in
leaving the advanced nations to B '£ ain evidently much more
pursue high technology Indus- wmmg^to act as sponsor, the
tries. High unemplovment and mdustiy has shown that it can
the slowdown in world economic 811 lnW *2 VB

growth has caused this policy ** J * '***? committee
io be reviewed. In Britain. in ? f ^ National Economic Deve-
particular-, it is now recognised lQ pment Office, all sectors of
that it will be necessary to mdu S, are cooperating in
maintain an important stake ' tte production of a monthly
across, the spectrum of P&*me survey which

industry where the time lag 8^ “ at-a-glance guide to
cannot be excluded from this. *? d othe t trepds

The Government’s . industrial throughout . the industry-
strategy has included fou? J”*"*®* ,n “

textile sectors among the groups uidustry where tit* time lag
of more than 40 whose problem*;**? 1 *? ^developments at ( the
and prospects are - betas Processing chain—

examined. . spinning-and the end, clothing

_ .' • ^ _ , sales in ‘shops, can be more

The Government has also tfran a

stepped up aid for the sector,

which has previously had to For a number of reasons,
rely very largely on its own the industry has woken up
resources for re-organisation, to the need to increase its
The wool textile industry was sales to. Europe. Firstly, many
the first sector to he chosen for of its existing big markets—
an aid scheme under the 1973 such, as Ireland — are small and
Industry Act, and has received offer only limited possibilities
a total of around £20m. towards for farther growth. In other
rationalisation and investment, traditional markets in the Corn-
Other Industry Act aid schemes monwe£th there is an increas-
have been introduced for ing number of tariff and other

barriers to surmount. Perhaps
more important, however, has
been the continued weak state
of the borne market which has
shown very little real growth
over the past five years in
volume sales of textile products,
while at the same time accom-
modating a doubting in imports
since 1970.

Over the past two years the
industry’s efforts to increase its
sales in export markets have
been aided, too. by the fall in
the value of sterling, giving "U.K.
goods a competitive edge in the
EEC. In 1977 as a result of this
major effort the industry's total
exports are expected to be up
around one third on 1976. and
with some success also being
achieved in holding down
imports, - Britain's textile and
clothing deficit will be down
substantially this year.

The main worry must be over
whether this performance can
be sustained, enabling the
industry to build for itself a
position as a leading long-term
supplier across Europe of
quality fabrics and made-up
textile goods. There is -general
agreement that -exporting in
1978 will be a lot more difficult,
partly because of the rise in the
value of sterling, and partly
because of the continued slug-
gishness of many markets.
Though the past year has seen
most of the U.K’s big groups
announce sharply improved re-
sults — largely as a result of
higher exports— the middle of
the year saw a disturbing fall-
off In demand, indicating the

continued fragility of “the re-
covery. Some sectors — notably
cotton — are heavily dependent

nn employment subsidies to see
them through to the next up-
turn, and fibre producers are
still suffering from world over-
capacity and weak prices. It
can only be partial consolation
that U.K. fibre producers were
among the first to tackle The
problems of cuttins out loss-
making activities and have as a
result managed to bring their
operations back in most cases to
around break-even, while many
of their major competitors on
the Continent are still wrestling
wth huge losses. The prospect
of some improvement in market
conditions, in the U.K. this year
may also put to the test the
textile industry’s commitment to
exporting. As a result of tighter
import restrictions and higher
wage levels it could again be
tempting to divert goods to the
home market

There are grounds, however,
for taking a more optimistic
view. For all the problems
posed by the recession, Britain’s
textile industry has probably
come through better than that
of any other EEC member.
Furthermore, its structure in
theory equips it well to serve a
Europe-wide market It contains
the four biggest groups in
Europe — Courtaulds. Coats
Paton, Toolal and Carrington
Viyella — eacb of which is not
only verticaUy-i ntegraled from
the early processing stages
through to made-up products,
but also involved across a broad
spectrum of textile processes.

In tiie battle for market share
in Europe, the U.K. industry
also has the advantage of lower
labour rates than most of its
Continental rivals and this
could make it attractive as a
source of supply for retailers
and distributors in Europe,
seeking goods to replace those

now brought under restriction.

The industry is conscious,
however, that certain inherent
weaknesses will have to be rec-
tified if it is to capitalise on its
potential advantages. In a num-
ber of sectors the U.K. is bene-
fiting at present from the
popularity in men's and
women's wear of the British
look, by which one generally
means country type clothing.
Like all fashions, however, this
will pass, making it of great im-
portance that the industry pro-
duces goods of the necessary
design, quality and performance
to satisfy demanding European
tastes. This involves a bigger
effort to ensure that the best
use is made of design talent
produced by U.K. colleges, a
task the industry and the BTC
has set itself. Another pressing
need, the industry admits, is to
improve its garment-making
standards and efficiency to the
best levels prevailing on the
Continent. Here help is likely
to be provided by a new
agency set up last year with
Government aid. the Clothing
TnHitcfrv Productivity Resources
Agency.

Duration

The chance which the
industry has now been given is
likely to be of comparatively
short duration. Having pro-
vided for the industry what
should be more stable trading
conditions, the EEC member
governments will now cearly
be looking for evidence
that textiles can adapt and find
for itself a market niche where
it will be able to survive and
prosper -without the need for
further protection. The textile
industries of Europe and that
of Britain, in particular, now
have to show that against a
more favourable background
they can deliver the goods.

• f nr *. .! ” r t ** V - r>

Sylko

Star

Dewhurst

Osman ■

Stiebel

Easifit

Overlords

Pyramid

Tootal

Raei-Brook

Stability

Macbean

Judy

Trutex

Slimma

Raysil

Van Allan

Mfierai

«*•

Financial Times Friday January 27 1978 .

Dormr v Y;yelIa, Dhobi. Old Bleach,
Peter England Carrington Fabrics,
Evvap red;. Van Heusen, Aeitex,
Donaghadee, Gainsborough Fabrics,
Sunrleld Viyeila House,

C - : c • ♦ " / ■, : •’ r i n n ; c 7 : - n p

v, C. < j : k i.! - ■ * v -'* w/ • 4 i i

. >

i Soilv,

Viol-ad a'v orders, Quest,
Quelraya Fine jersey,

e jenaer. Hirst Oiympix,
Kapwood

- Rocoia,

U.K. TEXTILES II

Clothing decline

•TN

in

t
na

Robert Hirst,

Driwav,

/ ■

Louis
Philippe,
Ferguson
Fabric. ■

II

e

e

AFTER A LONG period of what properly-organised U.K. indus-
can only be described as com-, try ought to be able to make
parative obscurity. Britain’s some impact across Europe as
clothing industry has become, a whole. The industry is highly
over the past few years, one of labour intensive and has dc-
the most closely analysed and dined more rapidly in Britain
scrutinised of industrial sectors, than in. the high wage countries
For, after holding its own in on the Continent such as Ger-
world markets up to 1070— many. The UJC with its. large
covering the large volume of existing industry and its lower
imports which have tradition- labour rates should as a result
ally come into the U.K. with ex- be able to establish itself as a
ports of high quality menswear major supplier in Europe,
and other garments— Britain The result has been a major

plunged into a serious clothing effort through the Clothing
trade deficit this decade. Economic Development Com-
The gap reached £74m. in mittee and through the indus-
1972 widening to £172m. in 1974 try's trade associations to
and even further to £271m, in stimulate an improved per-
1976. as imports rose to reach formance, with particular
a record total of £6S3m. The emphasis on raising productivity
rise has been the result of the levels to match those' of the
growth of clothing industries in most efficient producers on the
traditional supplying countries Continent At the same time
such as Hong Kong, and Portn- the industry has been exhorted
gal. the emergence of new sup- to improve its design and styling
pliers, particularly in the Far to make its goods more attrac-
East and Eastern Europe, and, tive in home and export
it has to be admitted, of markets.

Britain’s entry into the EEC

As in other sectors membership KAcnnilCP

has exposed the U.K. in clothing

to competition from much more ^ industry’s response to all
went producers on the Con- urgings will not have dis-

. . .. „ . . appointed the - Government,

The combined effect has been though it may havfi pu2zled it

enough to set off a few al^nn For M ^ sets of figures pu b-
bells not only m the industry lishfid withtn recent weeks
itself but at Government level show> ^ cure -or at least
as well, because of the impact ^mission-for some of the
a continued decline could have industry . s ilIs appears t0 have
on the U.K. economy as a whole. been found> ^ exhort the use
Employment in dothing re- of ^ prescribed remedv n
main f very large at 293.M0 Govermnears Act ^

people hut has nevertheless de- scheme for c i ot h ln p whjph
dined by around 40000 over Jg-J ^ “
the past five years, while job ^entlting projects which
losses in any setter are serum would Be i t0 tteir

-particularly with unemploy- efficiency has only hfflatedly
ment at L5m.-jn clo thlng their fopJd takers . Original

eSert is concen n sted .a regions scfieme ^ was

■With already above average nn- ^ arailSbfe-l£d * be re-
employment. and on women for ^ k f

whom alternahve opportunities interesB and ^ sunl llloclte<1

*” u j ' Knl % r was red ” ed t° ffem. Efen so.

, but for a surge in applications

industry was also . considered in December, the closing month,

°'' h ,l,f. ec . °a schem e would have come to

?5°™L ■ J 3 ,?? ir*v f .v- ™ en<i with more than half the
major customer of the U.K. ten- availal3le money sU1I unc lainieil.

tile industry which employs a

further 479.000 people, and any Yet while the vast bulk of the
major rundown could eventu- 6.000 companies within the
ally work its way back through industry have been slow in
textiles to the chemical industry grasping the Government’s
which provides the raw material proffered hand, market con-
fer, much of th* textile Indus- ditions in the U.K. have
try’* fibre output^ :v

samew'lifaie tiicrtfemg^.
stands out as a sector. Wlifere a

CLOTHING

EMPLOYMENT 293,000 (G.B. onlv l

MAIN AREAS North'oTEngland. London,

. Northern Ireland _

NO. OF ENT ERPRISES 6,000

OUTPUT 1976 £1.750m- -

TRADE BALANCE .1976 19 T 7 . .

OUTPUT 1976
TRADE BALANCE

EXPORTS

IMPORTS

£

412m.

683.8m.

1977

(Jan.-SepL)

£ __

578m.

MAIN PRODUCTS

' Men’s, boys’, women’s, girls’ and children’s outerwear, and
underwear. YYorkwcar.

persuaded firms to look over- such as Chester Bam e. Aqua-
seas for sales. The clothing scutum. Daks^impson, tsur-
trade gap will this year be berry. GloveralU and Michel^
narrowed considerably . to in menswear. selling a
around £150m. and in the third tial proportion of their output
quarter last year was under overseas, t and a few leaamg
£27m. — the lowest figure for women’s wear groups such as
some time. Jaeger. The list of top

Moreover when invisible now includes ^ mi^ber ofother
clothing exports are added— group? seUmg in the mid Iffle of
sales in the U.K. to tourists are rticr market such ^ Ladie.
estimated at around £240 m. Pnde and Samuel Sherman. A
wholesale value in 1977, and substantial export busmess has
sales through parcel post- ahm.hjen built up I
Britain looks to have been run- °f U.K. sports and
ning a surplus on its clothing ducers-among them Neibarden.

trade in 1977. . Umbra, and Highlight

The switch into export. The industry’s attitude on m-
markets is the industry's vestment has evidently been
response to the continued diffi- more cautious and here it would
cult trading conditions it has seem a waiting game has been
been experiencing in the home played. The key is the 3IFA
market For although an negotiations which took place
increase in consumer spending at the end of last year aimed at
on clothing made itself felt in establishing a new framework
the closing months of last year, |.for international trade in tex-
very little overall growth has -tiles, and it may be that major
taken place in the market since [decisions on spending 'are only'
1973, and in many sectors iddw being taken as information
imports have ' displaced U.K. ,; 0 a future levels of clothing im-
products. Thus in 1976 im- 'ports : : inio Europe ■ becomes
porters had 51 per cent, of the ^ ar :

market in men’s and boys’ suits • So ^ e mov6 . nevertheless
and jackrts. around 65 per cent : have ^ induding,

of the shim market, and 56 per aiErliflcaIulJr , effort j by ^1 four

The m fSTSe value of the .«• FTSZ& 2 TS!*

pound over the past two years

Coats. Paton, Tootal and Car-

has helped the industry find Viyelia to strengthen

overseas markets and it appears t J ieir Positions in clothing,
a much wider range of pro- Uwts, Paton has been investing
ducers has begun exporting. At * n clothing operations with
the top end of the market there particular emphasis on its high
have always . been a number of quality women's wear side and
U.K. clothing manufacturers, a policy of tradingrup has also

been pursued by Carr^pJ
Viyvlla. which is parlieuiS
strong In incnswivir. TwfaJrf
increased its involvement- 7 !
cloth : 11 q with iwa subsfawa

acquisitions — Trutex the cbw
ron swear srmip and
recently Shmina. one of
most sueeewJul UJ5. ladies *3/"
manufactitrers iu receal yea*: .-

Other moves have, *bjo
inode to strengtiien the ind? 3 *hi '
sctruciu rally. Thrwwh djj’’
industry’s economic dev^jti /
ment committee the objective ■
of the Government’s indostfflii <

strategy — a further mcrees* \

in exports 10 aroimd film, by-- «
1980. coupled with, efforts io \
hnhl down and if possible push' '
back import penetration, have
been communicated t0 -
companies.

A new body, the Clotting In. , *
dustry Productivity .Resources *
Agency, is alsu being set up i
with Department of Industry
funding to continue the task of *
trying to raise levels of effi-
ciency within clothing..

At the Mime time clothing
manufacturer.-, have themselves
achieved a new degree of
cohcMon through the creation
of a new joint body— the Goth- •
ing Industry Joint Council—
which with one major exception
brings together the associations
representing the various cloth-
ing sectors.

The changes have perhaps
come only just in time to save
the U.K. industry front n very
serious decline. • and danger*
still tie ahead. The industry's
commitment to exporting has
yet to be tested against a back-
ground of less sevrere difficulty
In the home market. There are
also still very many companies,
including some of the largest
suppliers to the home market,
exporting less than 10 per cent,
of their turnover. The rise in
the value of sterling will also
make exporting more difficult,

As the past year has shown,
however, the opportunities are. j
there if the U.K. can continue
to offer merchandise of a Miffi-V
ciently high quality and suit-
ably designed and styled for the
sophisticated markets of Wes-
tern Europe.

iV i)

Rhys David

LOOM WITH FLEXIBLE
RIBBONS AND RAPIERS
for the weft insertion control-
led through the warp shed, by
means of suitable steel guides -
High production and weaving re
liability for a large range of yarns
in the following fields:

-woollens, drapery, upholstery and blan-
kets made of pure wool, blends and
synthetics :

-plain and check fabrics and table cloths
made of cotton, flax, blends and synthet
ics;

-cotton corduroy and denim;

-pure and artificial silk articles;

-jute and hemp articles;

-polypropylene fabrics;

-industrial fabrics generally.

i: W...

; . .*tn

NuovoPagfione

SMfT

NUOVO P1GNONE div. SMIT- 3’ Palazzo uffici ENI-20097 San Donato Milanese (Italy)

Tel. (02) 53531 - Telex 31246 ENI (per SMIT)

From Corah of England
-clothing for the world

Both in this country and abroad, more and more people are buying underwear, knitwear,
leisurewear, fashionwear or socks made by Corah.

Consistent high quality is the reason, a standard maintained ever since the
business was founded by Nathaniel Corah in 1 81 5.

That's why Corah have been principal suppliers to Marks and Spencer for over 50 — s

vears - do business with many other groups of retail stores - enjoy rapidly \v>

mounting sales to export markets. ^ fo-'-

To meet this growing demand, production is ^ « % vFA

increasing both at the main plant in Leicester V V>''

and at the other Corah factories in
Barnsley. Oakham, Scunthorpe and in Canada
at Barrie, Ontario.

Corah success is shown by an increase of
273% in sales in the first six months of 1 977.
compared with 1 976, and a turnover running •
at an annual rate of over £30 million.

■ Corah look to the future with confidence
in its continuing ability to meet public
demand for products that are well
designed, fashioned to a high
quality, and offer outstanding
value for money.

Corah Limited fir

Leicester, England. rf (Ji

COMr

r \K\C1

Of®

BRITAIN" S knitwear industry
has been bucking the trend over
the past year. Against a back-
ground of decline in most tex-
tile sectors, knitwear has
managed to increase employ-
ment by around 3,000 to a new
total of 121,000, and output has
Increased, too, in volume as well
as value.

■ The industry lias been
benefiting^mainly from its de:
teiTnined^pusE'into export mar-
kets While ’Consumer demand
in the' UJC. for clothing has
been static— continuing margin-
ally behind 1973 levels at con-,
stant prices — exports by knit-
wear producers increased by 50
per cent, in value in 1976, and
were up a further .40 per. cent
in the "first ten months of 1977.

The Industry’s major assault
on export markets, taking its ex- .
port proportion of total sales to.
around 30 per cent has come
not a moment too early, how-
ever. Britain accounts for
around 25 per cent’ of the EEC
knitting labour force but has
managed to command under 10
per cent, of total intra : EEC
trade. As in other industrial
sectors, knitwear has secured
a very large share of some small
markets — notably the Republic
of Ireland — but a dismal share
of the big markets.

In 1975 the UJC. industry had
only a 1.4 per cent share of
imports into West Germany
from other EEC countries, com-
pared with the 72 per cent
stake held by Italy, the other
main knitwear producer in the
EEC. In France, Britain had
7.4 per cent, of intra-EEC im-
ports against 73 per cent for
Italy.

The new emphasis on exports
is the result of the industry’s
realisation that whatever help
is achieved from the latest
Multi Fibre Arrangement
(MFA) agreement m stabilising
the home market, imports are
here to stay, particularly at the
cheaper end of the market. To
grow and prosper, therefore, the
U.K. knitwear industry has to
expand its overseas sales,
especially to Europe. The ob-
jective set by its sector work-
ing party, as the industry's
contribution to the overall U.K.
industrial strategy, is a 20 per
cent share of total EEC ex-
ports to 12 Western European
countries — the other EEC mem-
bers. (excluding Ireland), to-
gether wjth Austria, Finland,
Norway, Sweden and Switzer-
land. Overall the industry Is
looking for a go per cent, per
annum increase in exports over
the period 1975-80.

In the home market the in-
dustry will probably have to be
content with a holding opera-
tion. Total imports now account
for around 30 per cent, of total

sales, though they are much
higher for certain products, and
those from developing coun-
tries will continue to grow,
albeit probably somewhat more
slowly than in recent years, as
a result of the hew tighter res-
trictions incorporated in the
MFA. The industry should at
least be able to hold back,
according to the working party,
imports with which it directly

specialist shops require.
Another factor working in
favour of the industry is the
continued popularity on the
Continent of the British classic
look in knitwear.. It is this
which 'has enabled the Scottish
kriitweiir industry, ' which uses
luxury .'fibres such as cashmere
and fcuhbswDol to ride'the textile
cy£le& w;th less discomfort than
most ’ other sectors. Another

KNITWEAR

EMPLOYMENT
MAIN AREAS
NO. 'OF ENTERPRISES
OUTPUT 1976
OUTPUT 1977

TRADE BALANCE

EXPORTS ~ “
IMPORTS "

121,000 (GJB. only)

East Midlands, Scotland
825

£838m.

£900m. (estimate)

1076 “ 1977

(Jan.-Sept)
£ £

199.5m. 189m.

2612m. 223m.

MAIN PRODUCTS

Fully fashioned knitwear, sweaters, pull-overs, T-shirts,
jersey fabric, warp knit fabrics, underwear, tights, socks
. and stockings.

competes — those from other de-
veloped countries; — to around
the present level of 7 per cent.

Significantly, the industry is
currently running ahead of the
targets set for it in both the
home and export markets, but
the difficulty will obviously
come in sustaining this per-
formance over a period. Never-
theless, the nmens are favour-
able. In a number of European
countries, notably Germany, the
local knitwear industry has
shrunk in size as a result of
competition from low cost
imports, and with more effective
restraints now applying across
Europe on imports from outside
the Community, the U.K. is in
a strong position to fill any gaps.
As weii as being the biggest
in Europe the British industry
also has the largest companies.
The three biggest. Courtaulds,
Nottingham Manufacturing, and;
N. Corah- account for around
25-30 per cent, of total output

I .inks

These big companies have
grown through their- links with
the major retail chains, and a
number, including Corah, are
now looking at ways in which
similar relationships can be
developed on’ the Continent.
The industry still consists, too.
of mgny smaller companies
which are capable oF taking on
the more specialist work which
European boutiques and

advantage for the industry has-
been the continued survival in
the UJC of a strong knitwear
machinery sector, making dose
technical co-operation possible.

There are pitfalls, however..
European markets require
Special design attention and
styling and guaranteed delivery
on time — all areas where some
companies' iii the past have
fallen down. * The Industry's
rece.nl export performance has
been based on the extra efforts
which some of the major groups
like Courtaulds have been
making in overseas markets,
such as Germany, and on the
decision of a number of smaller
companies to begin exporting
for the first time. There is a
danger that If conditions in the
U.K. market do improve — as a
result of higher wage levels
working their way through into
consumer spending— this mom-
entum. could be lost The rise
in tha. value of the pound
sterling has already made
esporting. more difficult for. the
industry, which in some sectors
fmch as underwear and lights!
is working on very narrow
margins, and this may tempt
some producers to re-direct
their efforts towards the home
market

There is also the challenge
which wfil be provided in 'the
U.K. and other markets by the
growing sophistication of devel-
oping country producers, manv
of which will be paying in-

creased attention to quality and
design as a way of penetrating
EEC and other developed
markets. The U.K. industry in
order to succeed both in the
domestic market and in other
EEC markets will have to move
increasingly itself into higher
quality merchandise.

These are points which have
been stressed at a series of meet-
ings within companies or-
ganised by the industry's sector
working party over recent
months and involving manage-
ment and union representatives
and working party officials. The
aim has been in each case to
create a forum where discus-
sions could take place- on the
significance for individual
companies of the Government’s
industrial strategy and on the
relevance of the objectives laid
down by the working party for
the sector.

Other problems do naturally
face the industry, for which ex-
porting will not be the cure.
Worldwide over-capacity exists
in jersey fabrics, largely as a
result- of the fashion swing
away from knitted man-made
fibre filament yarn towards a
soft, woven, natural look,
similar problems exist m
another knitwear sector — warp-
knitting — where • traditional
markets such as shirts and
sheets have declined; In warp-
knitting, however, considerable
effort has been. made to find new
markets such as car seat
fabrics. Moves are also being
made by the knitting industry's
research body, HATRA (the
Hosiery and Allied Trades Re-
search Association) to find
ways of increasing Die industrial
for other knitted fabrics.
Possibilities exist m a number
of areas— horticultural and sur-
gical uses are among the
applications that have been
found for knitted fabrics.

Another major problem area
is tights, where massive 'invest*
ment by the Italians, at a lime
when the market was already
beginning to decline because, of
increased wearing or trousers •
by women, has created serious
problems for producers in *
number of countries. •

In the battle to survive' in the
face of strong mtcrnaliorHlh
competition both from the Far
East and other internatiffi#.
producers, the U.K. industry hw-
emerged, however, in swa*.
what better shape than il e&f '
pected at the start of tho Kartil*'
recesion. The past year has seen '
a major improvement in the.
results announced by mosf'ot.
the main groups and further,
good figures arc likely over .tho - :.
next few months. The challenge.;
is to ensure this performatiro. .
w maintained, ; '

'. 'V' -i'.CJjfcl

t •• •

k

. Firisacial Times Friday January 27 1978

U.K. TEXTILES IH

WOOL TEXTILES

EMPLOYMENT

80.000 (GJB. only)

MAIN AREAS

Yorkshire, Scotland, West of
England

NO. OF ENTERPRISES

400

OUTPUT 1978

£900nu

OUTPUT 1977

£I.lm. (estimate)

TRADE BALANCE

1976 1977 • ■

(JazL-Sept) .

£ £ '

EXPORTS*

212m. - 205m.

IMPORTS*

40.4m. 44.4m.

I ’Tops, yarn and. cloth only, raw, wool and wool waste’ not

included'. . , ;.

MAIN PRODUCTS

•

Wool tops,, woollen and worsted yarn, woollen .and wasted
doth; carpet yams, knitwear yarns, rags, •• blanlfets, fttrnteh-
. ins fabrics, industrial dothSL. ■

THE U.K, i to i LK industry an “ old-style ” cyclical down- tion and processing .from the like the mid-1980s is the earliest
has long been mentally and turn. For textile' manufacturers raw fibre or filament yarn to we shall see a real comeback
strategically tuned to its cyclical and processors, this worsening the High Street stares where for U.K. fibre producers to any-
sanations, which used to be position has proved extremely their ‘•payback" on such a costly think like the manner of opera-
discussed in almost fond terms serious: for fibre producers, it exercise is the appearance of tion and accompanying profit-
and which basically divided into has verged on the disastrous, their fibre braudname on the ability seen ten years ago.
two segments— the annual varia- As in any industrial sector garments in question. The moves in the EEC by

tions connected witt the spring/ where high technology is con- when UJC fibre com- some fibre producers who have

summer ^ . autumn/wtoter stantly advancing, the ability to panies ^ in desperate need of either dosed down or cut pro-
fashibn-related seasons, and m keep plant and equipment finding the means of triggering Auction 9 t selected plants have
the broader contest, a cyclical operating to a high degree of an uptarn i n their sales levels, had the effect of taking between
change perhaps every three efficiency and productivity is jt is obvious that the chances 300,000 and 400,000 tons a year
years or so. . - • not so much desirable as 0 f * ‘‘miracle" breakthrough of productive capacity out of

-Now, however, the fact is imperative if an acceptable made even slimmer by the the European fibres market—
being faced that the old concept level of. profitability is to be overall necessity of containing Aae largely to moves by ICL
of. cyclical variations has dis- maintained both to provide the operating costs and therefore Bayer and Enka — and in addi-
appeared, -and many doubt payback for earlier investment lessening the intensity of tech- tion to this there is a substan-
Whether this is merely a tern- and to fund the ongoing' cash nologlcal development. The ten- tial amount of fully constructed, ,

poraiy delation from the long- demands of further research deney has apparently moved in hut as yet uncommissioned. ultra ‘T
establishwi pattern. Ratter is and development work. - -the' direction of prudently shed* productive capacity to be added 5^*“
it felt that the past mix . of The irony of the situation ding certain speciality fibre and to this figure.

13

MAN-MADE FIBRES

EMPLOYMENT

32,000 ((LB. only)

MAIN AREAS

N. Ireland, NJEL England, N.W.
England, Midlands, Scotland, Wales

NO. OF ENTERPRISES

6

OUTPUT 1976

£575m.

OUTPUT 1977

£6O0m. (estimate)

TRADE BALANCE

1976 1977

(Jam-Sept)

£ £

EXPORTS* *

2SL8m. 256m.

IMPORTS* 1864m. 167.7m.

9 Man-made, staple, continuous filament yams.

MAIN PRODUCTS

Polyester, nylon and acrylic fibres and yarns: rayon and
acetate fibre and yarns.

market offtake variances and. to from the standpoint of the U.K. yarn versions in order to effect mere is anotner (ana, as yet, Antrim Northern Ireland ulant

an .extent, the adv ert of major fibre producers is that they are a more rational (and therefore little discussed) problem loom- * n S ( J within a year of commercieiS-

to market flexibility; range now commands over 15

and, not least, the current and per cent of total polyester fibre
There Is another (and. as yet. perhaps continuing relative production capacity at Enkalon s

technological breakthroughs is losing out in two major direc- more economical)- structure, of ing ahead for UJC and Euro- sterling and other -.European textile fihre sale*

now being replaced as the over- tions. First, It is costing ttem in- production more closely attuned pean fibre makers. This is the currencies. director Stephen Johnson

riding influence On trading pat finitely more to cease operation to what might be termed an un- strong possibility that American i n such a. short review, to dis- reckons that this will be around

teams by the more sinister (and of a line of fibre extrusion equip- sympathetic market at the fibre producers will start to cuss all the various develop- 40 per cent by the end of this

almost^ frightening) considers- me ut, for Instance, than the re- moment • turn increasingly to this side of ments from U.K. fibre producers yeap _ a phenomenal rate of

turns ' of politico-economic Native cost to a customer in the Looking, at the whole depres- the Atlantic to boost their off- would be impossible, but -one initial market success which not

stances being adopted by the spinning, weaving or knitting sing, picture, which has seen take. Already, there have been fairly recent innovation which 01 jy spp j] s more revenue for

major world power blocs.. sector to stop a- bank of U.K. fibre producers settling on instances of U.S. fibre com- stands out as a good example Enkalon but also— extremely

The inevitable upshot, of this machines. Second, while their a plant utilisation level of cur- panies selling polyester feed of using good technology varia- important the characteristics

has, .of course, been the almost customers can work within rently no more than 70 per cent, yams to U.K. and European tion to create a means of step- 0 f ^ fjf Diolen yams has

FOR BRITAIN'S wool, textile strong' export performance .of overwhelming flood of low cost fairly narrow lines of definition when taken as an average across yarn textu risers, and the feeling ping up fibre sales is the so- effective! v provided a* welcome

industry, skills in international the Scottish wooHen producers imports of fibres, yarns and centred on their own production nylon, .polyester and acrylic is that this could be the tip of called “Golden Touch" range vehicle for some knitters to take

diplomacy have new become who now send more than: 60:per garments - into • the UJL and operations — and thus can more fibre making, the then a very substantial iceberg based of Diolen polyester yarns from d us t sheets off recentlv-
alui05t as important as the cent, of .their -ousput overseas. Europe . from mainly Far easily contain the expansion of apparently pessimistic opinion on' three factors— American Brititt Enkalon. The point unemployed circular knittiii**

traditional w£, of. ^design and - In sn 4 >miss j < j D Eastern sources: worse, this has overhead costs— most fibre pro- expresrea nearly a year ago by policy has been to conch fibre about these is that an ‘extremely machines and to create imprest

marketing.. Over the part year ernment -g indu«tfriaF -stoaszkv happened during a. period of ducers have extremely broad ICI Fibres that the' picture prices at levels not influenced high filament-per-denier ratio give new ranges of dresswear

the industry has had to_sur- .. w . a ^ mos ^ • galloping recession and' generously-based back-up would not brighten until the by violent fluctuations in world has enabled this range of pro- swimwear and underwear,

mount the protocol problems if. .wooi-

Textile Economic

involved in persuading U.S. Deveiopmem Committee

^ which in turn had followed programmes which ' stretch tx\rn of the decade now seems oil prices: the leading fibre ducts to find immediate accept-

i]

President, Jimmy Carter to suggested ttat toe bestpnwpect
accept a . -gift of cloth complete Jprtte industry ties to cpnjuw-
with stripe carrying the initials tog increase 'its share wck-
J.C.: it has been after the- sup- port mark ets, while at jthe k&iiie
port of Britain's ambassador In time .stiivfiiug'-to -hold ddwn"to
Washington, Mr. Peter Jay, in roughly ipresenUereU t tim atone
its campaign for a reduction. In of toe home market oifit w ed
tariff levels on U.S. wool textile by- imports,— roughly SO ^per
imports; in the MiddleEast it cent for fabric.
h?s been ta^ng_ . yp, Ap-to . it is a strategy, which ta&yroh
through embassies, attempts by fte goopott wattintte

producers in Sputh Korea, India

apd elsewhere to pass off their cnss j alis . wteeh’ ^he EDC haS
goods as British; an din. Iran been organising; but aMhodgb
one, of the leading V-K. wool !r . t.TT: ,
fertile companies has recently
completed delicate negotiations has .
for the supply of military

uniform doth. On top of this difficulties an the way of wMw-
has been the need to keep .an tog toe targets which the J?DC
eye on the discussions which has laid down. .
took place in the latter half of Competition from low-priced
last year in Brussels on a new Italian woollen goods has caused
Multi-Fibre Arrangement, the disruption in a mimber' of
international agreement which markets, including the TLK-.
regulates world trade in tex- where the penetration -has nmfr
tiles, and this year will see reached 40 per- cent; Despite
shortly the beginning of the complaints by other Euit®eai
GATT Tokyo Round trade talks, wool textile producers of

unfair subsidisation of - tte
AH this reflate the ever- industty, the EEC- has

mcreaaog importance to the „ f „ secnre

woo textiles sector of overaeas JMla ^peemom . on
markets — and the difficulty at realfetiit prices. '
some cases of ensuring that they On exports there are intfuas-
remain as open as the industry ing doubts' 'among k number of
would like. The industry now U.K. wool itextSe producers
sells its products in more than over tte ability of tho/Middle
150 different countries and last East to- continue absorbing large
year succeeded . in raising its quantities of British ri&th, parti-
export sales including raw wool, cularly the medium quality
once again to a -new record total cloth produced in Bradford,
of £40(bn. — roughly JElbOm. up - Yetif toe MiddlS East market
on the previous year. In fabric Aoes decline there is little pros-
more than 40 per cent, of total P eet of another major market
output is now being exported, dcveloping to take.up tte slad^

- as tta Midfie East itself did
Pnnutotinn when tfcade.With Japan fen bade

V\e|IUIdUUXl .. . from the peak achieved in the

- The success of the UX -wool If 0 s - Jhe industry has

textile industry -in: overseas }? c m ^ ase lts sa ^

markets is based on the very U.S, tlys year, parti-

high reputation which British wooU ® ns “Pimore

cloth— particularly the top end J 4 " 50 P£ ^ ^

of the market fine quality ?, mor ® ^ sq ' . metres -
worsteds from Huddersfield— °f worsted remain com*
enjoy all over the world. It ?* ntlv f; Iy
remains an important mark of f^ountips U ' K -

status in a number ofcovm- trade withlreland.and expan-
ses. including Japan, to •* ^ ed by J* 1 hi^
wear a suit made of British L j: tau ^ r , of F9 u ° d 50 P”
cloth. ' and this has"- been The U.K industry has heen
an important factor m enabling ? ress ™g for a reductiou to be
the industry to sell into newly- I?5 0r P orate ^ , in T°kyo

« markets, such as Japan in
the early 1970s, and

what at the time was seen as through every layer of produo- optimistic; if anything — more makers operate very large scale, a nee in mainly clothing end-

Eugene Dempsey

any

mop£

more from tte U.S. Cloth

-c* industry, which would like to
r«en tly M id die East era coon- ^ accfiss to top quality British
tries and other oil-wealthy c j otlL

nations. - made fibres lobby in the UB- has

' But the industry's big move always succeeded in tte past,
ibto export markets has also however, in opposing reductions,
been motivated by conditions. The industry has also become
in the U.K. Consumers have bad increasingly concerned in recent
less to spend over recent years y®£rs at. the growth of restric-
ahd have in any case been tIons - 10 otIier markets around
Witching to more 'casual forms toe world, some of which are
of dress leading to a substantial now see ^ n & t o buildup their
drop in tte number of suks
purchased down from 7Am. to

s 7fw #1 .. _-_a dhuws tor U4V1 cl ota is dow vir*

sw ° At Sffff tually dosed by tariffs and otter

alone. At tte same time there duties> ud barriers of one-fonn

been a major increase in or ano ft er hare to be sor-
anports of clothing and this mounted in other traditional
bis affected tte customers of markets including Australia,
the wool textile industry, the New Zealand, and South Africa,
clothing manufacturers. More There is the problem,, too. of
than 2m. suits were imported greatly increased competition m
ihtn tte U.K. last year, many of third country markets ; from
them at very low .prices from newly-emerging ‘wool textile
Eastern Europe, giving im- industries. Capacity to manu-
pnrters a one-third share: of tte facture wool yarns and fabrics,
market primarily designed --for the

The industry aw esrly on T* 1 *}" msrkets o£ Europe,

ii« even to survive a much S ■*£ FuX£

b „ being installed m Algeria,

H present ^si?e and output a Argentina and a dumber of
ferther substantial increase ® other countries, and major deve-

S. alre i? djr Iai8e 0VBrseas “f 68 Iopments have also taken place
would be necessary. . in Eartem European countries*

:■ The part year gives some indi- which for several years have
-cation of how successful the been the largest buyers of vhjoIs
has been. Helped by from Aust ralia, the principal
ike current world vogue for the wool-grower.

British look — country-type Thus, although tte U-K is
^asic dotting — wool tortile likely to remain an important
Reducers have managed to' supplier to world markets, the
Btercome the continued lack of EDC is encouraging it to look
wuatxry in the home market, much more to European mar-
Though output In 1977 will not . kets. to most of which it still
significantly above tte pre- has a smaller share than its
rious year when there was a size warrants. Tims to-Jabric
Wbsantial recover from tte Italy's exports to West Germany
pressed levels of 1975, exports ^ roughly six times ttose of

number of important^ U-K, whiie m yara Franoe
-5^ mcludms North America, sells four tunes as muchtoWert
** Middle East and .West Ger- German*- 'M - a ijft ^

are well up. Much of the tween ‘ ten

|***H5e in. Germany baS to one in Italy’s favour.

fulled from .the continued

R.D.

we can again have a viable

•i • i V f

John Stuart, Deputy Chairman,lCl Fibres Division.

%

V

- v

Tte European man-made fibres industry
hxs beea m deep ^recessioiL How has ICI -
one of the UK^s largest producers - coped
wifirfiiis dramatic change in fortune, and
wiud are the prospects for the future?
Robert Heflei; Editor <rf -‘Management
Today’" talks to John Stuart, Deputy Chair-
niste of ICI Fibres Division.

T

Hfefier: The fibremdn^ryinEsrope has lost
33*500 mffliott in three years. Isn’t that a
signal to get out of the industry, rathdr than
stay in? .

Stnarfc Well our losses have been much less
tteu oiir competitors’, and if you just said
‘Shut it down 7 you’d tear a great hole out of
ICI for a start Secondly, I don’t think it’s
really acceptable for this country to have no
mattmade fibre industry. Other ICI divisions
have experienced recessions tn the past and
pufied out of them. We have confidence that -
HhtfisJDdviaoacan do the same.

HeHer: What practical measures have yon
takeh'to reduce yonr losses?

Srimrt: We’ve closed two filamentfedories -
one in the UK, tte rther in Germany. By
tesfruct or in g , we’re going to get almost tte
sanse^ output from our remaining lactones.
WeVe also reduced tte 13 fectories we took
oVerwhenwe got involved with the texttrrir®
business to two, plus one processing factory.
Altogether we’ve been able to' reduce, tte
number of our employees - including office
staff- by about one thud.

Beflen And how nmdh have yon reduced
costs by?

Stuart: At feast £50 milliorn a year - that’s
why our losses mil be about £15 mill ion for

month in the UK and £14 million on the
continent.

HeHer: Would you say that, as a company,
you’re as close to the market place as yon
should be?

Stuart: Yes, we regarded this as a key factor
when we changed our structure just over a.
year ago. We’ve set up a Textile Centre at'
Harrogate to match the very successful Car-
pet Centre which we have had in Germany
for several years. It is a development unit
which combines more closely the skills of

PartQftkcncwTcxrile Centre at Harrogate.

John Stuart. Drpvcy Chairman l Cl fibres Derision, disaissin&fuwreprocptrts of'thcEumpean icaile industry wiUi Robert Heller.''

3 977, compared with the £70 mflliori or more
which some of our competitors are expecting.

HeHer: Where does tins leave ICI Fibres
now? **

Stuart: We believe we have taken the major
steps that were necessary tp make us fully
competitive. We supply nearly a .quarter of
the European market for nylon. With a good
product range for every trade that nylon goes
into, and we have a sound position in poly-
ester In addition we have complete security
of raw material supply. ICFs Petrochemicals
Division is integrated right back to North Sea
oil, through our stake in the Ninian field.
Hello: Do yon think the new Multi-Fibre
Arrangement wifi produce a healthier mar -
ket for European textile producers? .

Stuart: Yes - we bebeye the new agreement
is fair and provides a fram eworkin which the

European textile industry will have the con-
fidence to. invest Even so, the European
fibres industry still has to adjust its size to the
present demand.

Heller: If everything went well, when doy on
reckon yon might have a healthy, profitable
industry in the UK again?

Stuart: T would have expected this to take
until 1981, but the profit-shock that all fibre
producers met lak summer, when sales
really fell away badly, js likely tp force them
to take action much sooner and could get us
back above the break-even mark during tte
next two years.

Heflen How does yonr capital investment
programme this year compare with earlier
years?

StuartiDespite our Tosses we have kept on
investing - at a rate of about £1 million a

our merchandising and technical staff and
has given us even closer contact with tte
marketplace.

Heller: To sum up, you’re saying that pros-
pects are brighter and had it not been for the
measures you have taken, your losses would
have been many times higher.

Stuart: Yes. We’re more or less through with
the cost cutting reductions of the last two
years and I think these have been seen to be
justified by results so far ICI Fibres is now in
pretty good shape to go forward. We believe
we can again have a viable European textile
industry. And fibres will again be a good
business to be in.

ICI Fibres

14

TEXTILE

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confined passage compressive shrinking
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Over 500 steaming-ageing machines for saturated and HT- ■
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The widest range of use: from silk scarves to carpets, from
scouring and bleaching to pigments curing, from dye fixa-
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Also producing:

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• Perforated drum dryers

• Laboratory steaming machines

[integrated automation

for your

DATA

MANAGEMENT

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Rodditfe. Mjnchestar M26 ONL

Telephone- 061-723 26 A 1 Tefex: 6fr74$Q

Financial Times Friday January 2,

U.K. TEXTILES IV

Cotton is the keystone

GOVERNMENT MINISTERS In
the U.K, are not going to be
very pleased' if they receive
many deputations this year from
the Lancashire - based cotton
and allied textile industry. For,
after a period of prolonged
lobbying by the industry for.
greater- protection from low
cost imports, Britain made mini-
mum growth in cotton yam and
fabric quotas its touchstone in
the recent Mufti Fibre Arrange-
ment . talks. /Without this.
Britain made k dear it would
not be able to give its consent
to a new European Community
agreement with low cost
suppliers.

And, as tile recently published
details of the agreements show,
the industry appears to have
obtained most of what it had
been seeking. Cotton yarn and
doth are among the products
where the Community will in
future impose very severe res-
trictions on future imports
growth rates, and Britain, which
has the highest levels of penetra-
tion among the Community
members, has been given toe
lowest- growth rates of alL.

The industry is likely to
reserve final judgment until it
has become clear bow the new
agreements wlJl operate in
practice. Nevertheless, for

Lancashire textile producers a
new era may well have opened
from the beginning of this

year. The industry has been

declining '. for most of ' this

century, from the time when it
supplied a large part of world
requirements of cotton goods.-
With other producers entering
the market it was clearly not
possible for Lancashire to go
on— as it used to be observed —
making for. toe • U.K» : before-
breakfast and for the rest of the
world after.-, but the- weight of
the industry's submission over
recent years has been that the
rate of decline has been too
steep. Total employment is now
down to under 80,000 and pro*
duction of spun yarn has fallen
by more than half in the past
20 years, a much steeper rate of
decline than - in most other
European countries.

The MFA agreement will not
enable ‘the industry to recover
markets. In woven cotton cloth;
for example, some fiO per cent
of the market' is now held by
imports, and though in spun
yarn the penetration— around
2o per cent— appears low, this
is only, because most .of the
market available .to spinners has
already been -lost- as a result of
the high penetration of^ cloth
imports. Furthermore, in both
woven cloth and spun yarn, very

COTTON AND ALLIED TEXTILES

EMPLOYMENT .

Spinning -

284>0O

Weaving

27.530

Finishing

18BO0

,*

74430

MAIN AREAS

Lancashire

NO. OF ENTERPRISES

274

OUTPUT .

TtJL.

Yarn and woven fabrics I

1976

1977

TRADE BALANCE

(Jan.-SepL)

£

£

EXPORTS

Cotton yarn and spun
1HMF* yam

60.1m.

47.9m.

Cotton and 2VDIF woven
fabric

162.5m.

154-3 m-

IMPORTS

Cotton yarn and spun
MMF yarn

83m.

76.9m.

Cotton and MMF woven
fabric • .

387m.

357.9m.

j * MMF, man-made fibre. f

MAIN PRODUCTS

Yarns and fabric for

appareL household textiles and

1 industrial uses.

severe pressure has been placed the rest is in the hands of the
On local producers, over recent other three major groups — Car-
years by the rock-bottom prices rington Viyelia, Tootal. and

which overseas suppliefs- *““• Through these

.. . . „ latter two companies Britain

particularly those seeking to maintlins , ve £. l!Bge share

establish a position in the U.K. worldwide in the important mar-
market — have been charging. ket for sewing and industrial
Nevertheless, the agreements threads. On toe weaving side
reached with the main overseas P™^«ioo: is .gaio ooncenmted
f pptiers by the .EEC wilt give ^ ot^edlroups^d oaS

ML UiUlC OUU/iC . UUU AC L MMUT . _-0- +t-_

m concerns such as Vantona, the

IT -iTM'S*-*'* *****

yarn and doth, so. that problems .Under toe weight of imports,
caused over recent years by the pressure toe sector' has also
emergence of new suppliers been obliged to invest heavily
outside previous - quota control for survival, and actually in-
should be eliminated. creased its share of total UK.

textile spending from 24 per
I? pcfriotlllTlC cent in 1968 to 30 per cent, in

tVCaiilLUUUa 2973. In spinning. Courtaulds

Equally, restrictions of vary- alone has spent £40m. over the
ing degrees of severity are being last eight years on new plant,
placed on imports of clothing concentrating its production in
and other products and this will 80 modernised mills. Courtaulds
help the customers of the U.K. has the largest installation out-
spinning and weaving industry, side East Europe of new Open
The industry does therefore End spinning machinery which
have the prospect , of being able, offers a quicker and cheaper
to plan its future over the next method of producing certain

few years- against a more -stable qualities of yarn,, compared

background that It has enjoyed with the conventional ring-
at least since the war. spinning system, and other pro-

nvu T - 1 - L, ].« „ ducers too have invested in toe

The industry has also seen a - auitraient

substantial measure of concen- equipment,
tration over recent years as a Developments of this kind
result of ’ textile mergers, have enabled the industry to
Courtaulds alone now controls increase productivity at a faster
roughly half total U.K cotton- rate than competitors on the
system spinning and much' of Continent Though the U.K now

operates only* one-tenth of the
number of spindles which were
working in 1957, production of
yarn is still around 40 per cent
of the total 20 years ago.

In weaving, the industry was
forced out of some markets
such as cotton print cloths
because of cut-throat competi-
tion from overseas suppliers,
and an attempt by Courtaulds
to compete against the Fat
Eastern suppliers in toe produc-
tion of bulk cotton-polyester
fabric also came to grief. With
opportunities limited in com-
modity areas like these, how-
ever. weavers have moved into
other markets where a higher
price can be obtained for tech-
nically more sophisticated pro-
ducts.

Thus, a major push has been
made in recent years in house-
hold textiles, an area where UK.
companies have been some way
ahead of their Continental
rivals In recognising the poten-
tial for easy -care, fashion co-
ordinated. printed and dyed,
cotton-polyester blends in toe
sheet music.

More sophisticated fabrics
have also been developed for
industrial uses, and for safety
and workwear. Courtaulds is
hoping to win a major share of
European markets in a number
of fabrics, but is choosing those
that require a degree of techni-
cal expertise which importers
will find difficulty in matching.
The company is a major pro-
ducer of corduroy, currently the
most important leisurewear
fabric, and of woven textured
polyester, a comparatively new
fabric which is expected to make
major inroads, into the markets
now held by enmnetine cloths
including wool-polyester and
rayon-polyester.

tf more stable trading condi-
tions do now result, therefore,
from the new Multi-Fibre
Arrangement framework the-
industry could be in a position
to increase substantially its
share of markets in Europe,
filling gaps left by wholesale
closures among local producers.
Short-term problems, neverthe-
less. remain, for the-U.K. indus-
try. in particular the continued
slow recovery of world demand
for textile products.

Of the new quota levels which
will operate for imports eon Id
now result in some increase in
demand.

The weak state of trade has
meant, however, that in both
sectors there has, been an exten-
sion of short-time working over
the Christmas period and total
employment by the todustry
showed a decline in 1977 alone
of more than 3,000. In addition
many jobs within the sector arc
now being supported by Tem-
porary Employment Subsidy and
toe Government has been
warned that, unless there is a
substantial increase in business
over the next few months, many
more people could be made re-
dundant as TES is phased out

The case for further assistance
is being considered by the Gov-
ernment but it has to persuade
Hip f.ec Commission that a new

scheme, is justified. The itSt:
dustry i* eoniiitcni. however^?
that n ha< achieved a better n&.
inti unship with Government and. .
that tls problems will continuer*
to be looked at with some sym-
pathy.

The forum in which the in-
dustry meets -at official JeVtfl?
with Government and trade-:
unions— the Group on Develop?;-
ineuis m the Cotton and Alliofe:
Textiles Industry (GODCATiy

is to be strengthened wlrft thtfc-

various parlies agreeing 10 in-*
crease their level of represents*
tion. It has now been recognised; .
the industry believes, that the-.-,
cotton sector remains intportonf’ -
to the U.K. economy a* a whole.?*,
and furthermore that on
success or failure depend the-
fortunes of other part-* of the;
textile industry as well.

R.D.

After making a good recovery
in the closing months of 1976
anff early last year, the spfhnffigf
industry has experienced a fall-
ing-away in business throughout
much of 1977 and/ early this
year, with order books continu-
ing to shorten. In weaving, the
closing months of last year also
saw a marked/cleeline in levels
of activity, thfadi it is nnssible
that in both sectors clarification

Design stays ahead

IT IS ONE of toe perennial
puzzles of the U.K textile scene
that while Britain continues to
produce talented textile
designers, the use that is made
of their skills always seems
somehow to fall short.

It is a problem for which a
number of possible explanations
has been offered. First, because
of the contraction of the UK.
textile industry over recent
years there is clearly a much
more restricted domestic mar-
ket to supply and this has cot
both the opportunities for
young designers to - sell their
work, and the scope for
employment

More fundamentally, how-
ever, there is the underlying
dispute over whether industry
is adventurous enough in the
use of designers and on toe
other hand whether the colleges
are turning out designers with
an adequate grasp of commer-
cial realities. According to the
industry it is very often difficult
to fit designers <in and it may
be at least two years before
they have bad sufficient experi-
ence for their work to be very
useful.

Complaints

Designers complain that the
industry is not geared to under-
standing what they are trying
to do and lacks sufficient flexi-
bility ■ to change hallowed
methods. On the continent the
quality of U.K designers* work
is recognised. It is not unusual
Tor continental studios to snap
up U.K . college graduates for
contract work, only for their
design to be sold back later to
U.K textile houses looking ior

European style.

The fault almost certainly
lies on both sides and it is per-
haps a source of encouragement
that efforts are now being made
to narrow the gap that exists be-
tween designers’ aspirations and
industry's caution. “Students
need to acquire a knowledge of
toe trade but management too
should, realise that young de-
signers are tuned in to the next
rather than the last fashion
look. '.The problem is finding
ways of marrying toes* two ele-
mcuis. with their widely differ-
ing " expectations," '• PrOffessOT

Joanne Brogden, head of the
School of Fashion Design at toe
Royal College of Art, points out.

The need to do so is certainly
critical if Britain ii to secure
a wider share of European mar-
kets for quality textile goods
and also to win back some of
the market share lost at home
to imports from other develop-
ing countries — a point rein-
forced by the Fabric Buyers
Association, representing the
big clothing and retail buyers.
“ Our members want to buy
British goods but in a very
competitive atmosphere they
have to choose the best designs
available from all over the
world.” Mr. Don Smith, their
chairman claims.

It is a problem which has
been concerning the British
Textile Confederation which is
currently working to achieve
much closer working liaison be-
tween the colleges and industry,
and at a recent joint BTC-
Design Council seminar, Mr.
Harry Leach, a director • of
Tootal, suggested as * ineans of
achieving this much greater
use of sandwich opportunities
so that students could see their
work in a commercial environ-
ment, and could assess its im-
pact in factory conditions.

A -number of practical moves
have also already been made by
the industry to promote the con-
cept of good design in textile
production, including the
appointment by Courtaulds of
Sir Paul Reilly, a past director
of the Design .Council as
advisor. The Royal College of
Art too has just created a new
school of design management
and new links with industry and
increased attention to design in
industry is being given in a
number of colleges. Manchester
University has a new BSc
course in textile design and
Design Marketing. Brighton
Polytechnic has inaugurated a
four-year sandwich course on
fashion and textile design, and
Huddersfield Polytechnic has
started a degree course in Tex-
tile Design which includes
market-orienTated studies. At
Galashiels, the Scottish College
of- Textiles has upgraded its
diploma to a degree course. -

is currently enjoying a world-
wide boom in demand for its
woollen cloths, perhaps offers a
lesson for other parts of the
U.K textile industry. As in the
case of Reid and Taylor, which
exports the vast bulk of its
annual output of highly expen-
sive all-wool twist cloths, great
emphasis has been paid to
design, and in particular its
continuing development

The . experience '_ of the
Scottish textile industry, which

“People come to us for well
understood and well-loved de-
signs. but to stay successful we
have to build on these to pro-
duce something familiar, yet
different. This is a test of our
ingenuity and skill, and it is
where the designer can exploit
knowledge and technique as
well as artistic appreciation.”
John Packer, Reid and Taylor's
managing director, points out
Reid and Taylor has topped up

its Scottish themes in recent
years by drawing on new sources
of inspiration — among them
Venice and Persia.

The problem' of making sure
that Britain makes best use of
its design resources to ensure
that the UK. textile industry
survives and thrives is one
which both sides— rthose respon-
sible for training designers and
those who employ them — now
recognise much more widely.
“ If commercial knowledge is
missing in students then we have
to instil it into them.” Professor
Brogden states. Equally, as Mr.
Harry Leach points out. “ Plan-
ning and working together must
start by making the best of
designers’ talents.” It is the
cross-fertilisation of toe total
design package that matters.

Pauline Long

75% of the world's weft knitting machines are made within a ten mile area.

k

•l •

; k

Hie Bentley Group is world leads: in the production of
. weft knitting machinery and anciDary products. Our
activities range from precisian engineering of knitting ,
needles to the design and construction of complete knitting
dyeing and dry deaningmachines.

Such a wide spread of operations allows us great insiaht
into the textile market and its condition.

Our recent acquisition of the Alemanoia flatbed knitting
machine company dearly demonstrates our readiness
to continue investment and expansion.

SS y TteS G,OUp Umited ' Aylestons R ° a d, Leicester

e trade it's called the Bentley Group.

i-

The Bentley Group

BenUey Englneerfacr

ECTOomicS!. n .pi^ 5 -p rtoaon ^ nmo( , n HTHtlil •

ibngs. ^ Eenttey-./lf

The Innovators ^

%

M ■‘-i

“ l it .

k

: Ffiiand^l Times Friday January 27 1978

' s £';?s

15

EDITED BY CHRISTOPHER LORENZ

* -V *

V

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'a

jT is commonly said that the
only way to run large and com-
plex organisations is to decen-
tralise, to push responsibility
down the; line. The' theoretical
attractions of sub-divitUng a
-biff company into smaller, semi-
autonomous profit centres are
obvious. But what' is often for-
gotten are the practical difficul-
ties involved in making the
changes. There are, moreover,
serious doubts about whether a
profit rentre system is feasible
for certain types of company.

For a conglomerate like
Thomas -Tilling, whose subsidi-
aries are genuinely separate
businesses, profit centres -pre*
sent no great organisational
problem. But for a one-
industry company whose pur-
chasing, production and dis-
tribution operations are to a
considerable extent interdepen-
dent, the choice of organisa-
tion is much, less simple. British
Steel cannot be managed on
the same basis as -Ibomas Till-
ing— or, for that matter, as GEC;
for although GEC is ; primarily
in the electrical and; electronics
industries, there is not a gteat
deal vof interdependence be-
tween, say domestic -appliances,
turbine generators and military
electronics.

' In considering whether or not
to decentralise profit account-
ability, the first question for top.
management is^ria.- it.: feasible?’
dm It be accomplished to give
realistic profit' ^ jrespohsibHity
without - necessitating- highly
inefficient ' forms of .ergamsa-.
tion? -In' :highly - integrated
businesses, ' where najor deci-
sions are. fbreed.uin^ds^ the
hierarchy - by the ; inter-depen-
dence of - operations, attempts to
create profit centres have been
made from time to time, usually
because top management has
fallen. in to the trap of recognise
ingHheir desirability but ignor-
ing altogether the question of

A senior manager with experience of British and
U.S. companies warns that the fashionable cure
of decentralising profit accountability is
not always as easy as it seems.

A FUNCTIONAL ORGANISATION

Chief

exeerttee

Function*!

department!

Cost centra

FlBanraflManu&crartn&l

r

Product

development

r~ i

Marketing
and salee

1

Frediict Product Product
A R C

Product Product Product
A B- C

profit centres

feasibility. Lack of proper
organisational and personnel
preparation for profit . centre
management in the Ann has
made matters worse.

.The profit centre concept rests
oxr the assuniptioa thai it . is
possible not only to separate out

the operations of an -integrated
company into divisions, hut also
to. measure separately the profit-
ability of each. The executives
in charge of the division*' are
entrusted with certain assets and
are expected to make the- best
return on these assets.

When divisions are interde-
pendent— in the sourcing, pro-
cessing or distribution of their
materials- and finished products
— -profit accountability has to he
accompanied'" by sophisticated
procedures and controls : .ta“' en-
sure that achievement of corpor-
ate objectives is not prejudiced.
The executives in charge 1 - of
divisions, have to be motivated
by the system to make decisions
in the interests both, of their
own divisions and the company
as a whole. .

Even if a theoretically fault-
less organisation of decentral-
ised profit centres can be . de-
fined, it can founder when, there

is neither the profit margin in
the product nor the manage-
ment talent available to afford
■ it and to make it work. Since
profit-accountable divisions must
be viable units, procedures must
first be established to make
them workable not only on such
matters as profit and loss ac-
counting, transfer pricing and
allocation of common service
costs, but on numerous other
matters which inevitably are of
common interest to divisions
and corporate departments
alike. More vital stU) is the
question of management re-
sources.

Some of the basic questions
that must first be answered
are:

Are there adequate distinc-
tions between the divisions — in
products, processes, operations,
or the means of distribution — .
to make the concept realistic?

Can a financial control system
be devised that will ensure the
necessary consistency of interest
between the company as a whole
and each of the divisions in the
management of business and
assets? Should it be based on
gross book values, written down
values or replacement values?

If common technologies and.
skills are involved, are there
sufficient reserves of specialist
and management talent in the
company to accomplish objec-
tives despite the organisational
fragmentation required by profit
centres?

What areas of' interest com-
mon to ail of the profit centres
will remain? How are they to be
handled ?

What central staffs and/or
central service agencies are
needed and with what functions
and what authority?

A PROFIT CENTER SYSTEM

Chief

executive

1 -1 1

II 1

Corporate } finance 1 1

Mamrfacturtng

planning

Pcmmnei |

Marketing

co-ordination

suffs 1 'j

1 _ 1 _

Profit

central

1

Product
development
Manufacturing
Marketing and
sales

Product B
(

Product

development

Manufacturing

Marketing and
sales

-j Product c]

Product
development
Manufacturing
Marketing and
sake

Procedures

Is the additional overhead re-
quired known? Can it be sup^
ported by the increased profit-
ability that is expected to result
from profit centres?

What additional procedures
and management controls are
required? What form will train-
ing take? How will the change
of 'style be managed?

Decentralised profit centres
usually cost more to operate
than n on-decentralised profit
systems. This is principally be-
cause of higher manpower, more
elaborate information flows and,

usually, as increase in intra-
company bargaining effort The
assumption is that this increased
cost will be more than offset by
better performance. Improved
direction of operations and
speedier response to market
conditions, coupled with profit
consciousness at a lower level,
will assure increased revenue.
It follows that, to qualify as pro-
fit centres, divisions need pre-
cise and clearly-defined tasks
and products or services that
can be valued inside and out-
side at market prices.

' The advantages of profit
centres axe that they free top
management from having to
make short-term decisions and
separate the longer-range plan-
ning from the fire-fighting. At
the divisional level decision-
taking is brought closer to the
scene of action. More directly-
motivated managers become
accountable for their own per-

formance, and are more encour-
aged to evaluate it themselves.
.Employees can identify with
clear localised objectives; this
helps to develop the esprit de
corps that eludes the bigger
monolithic enterprises.

There is, however, another
side to it. In the integrated
company with its operations all
more or less in the same
industry, profit centres can
bring with them many serious
disadvantages, particularly
where the organisation is ill-
equipped intellectually to design
and administer the new style of
management.

Besides, profit centres have a
marked propensity to generate
more administrative 'overheads
than are strictly necessary.
Their managers want to be in
charge of their own destiny and
this- can' lead to - decentralisation
of functions which might be
better centralised, such as

employee relations planning
and compensation policies,
marketing research, treasury
operations, data processing and
property management

Unwary management is often
tempted to decentralise such
functions rather than instal the
sophisticated procedures which
are necessary to keep them
centralised without detriment to
divisional autonomy.

Some duplication of effort
between corporate departments
and divisions is often inevitable.
For this and other reasons
there are frequently trouble-
some relationships between the
divisions themselves and the
** central ” departments. The
profit centre concept is fre-
quently conflict-prone and, un-
less the control system is pro-
perly planned, the conflict is
not always constructive. Sound-
ly conceived, well documented
and formally issued procedures
are necessary which can stand
the course of time. *

Divisions buying materials
and services from other divi-
sions in the same company treat
their purchase costs as totally
variable. To the company as a
whole they are not. Yet risk
and strategy can often be based
on this misconception. More-
over, there is a tendency which,
unless corrected, causes divi-
sions to aim at short-term gain
at the expense of longer range
profitability. Good, sophisti-
cated-means of evaluating divi-
sional performance can correct .
this (but return on investment
if used in isolation Is one of
the worst criteria). Transfer
prices for’long run supply items
must be adjusted periodically to
take changing costs into
account, otherwise the end pro-
duct divisions make relatively
higher profits.

• There is a tendency for top
management in making the

change to maintain features of
the old organisation, such as
strong corporate staffs, as well
as so-called autonomous divi-
sions. This adds to the conflict,'
escalates costs and can place
the best management talent
where it has least impact. Profit
centres need an abundant
supply of good management
which in many companies is a
scarce commodity. Rarely can
the old production centre
managers be convened over-
night to pratu-orieniated busi-
ness entrepreneurs.

Profit centres need a total
change in attitude company-
wide. Top management must
step back (often reluctantly")
from close involvement in the
divisions but must still have
control of the firm. This re-
quires a subtle balance which
evolves over time.

Open and articulate discus-
sion of how the organisation is
to work and how individual and
group responsibilities will re-
late to each other is essential.
With profit centres it is vital
for all executives to understand
the new organisation. Many
companies do not wish to incur
the cost and effort associated
with this seemingly tedious
education. Some lack the
ability to define the working
relationships.

Regular reviews of the organi-
sation are required as the struc-
ture evolves and as the environ-
ment changes. Meanwhile, the
chief executive's corporate staff
departments must remain strong
enough to maintain corporate
interest when the aims of two
divisions conflict, hut not so
strong as to impair the divi-
sions’ effectiveness. Most im-
portant of all, the company must
know its ultimate organisational
target before embracing profit
centre management.

SOft MHes to Tables; The Build*,
iugof the Alaska Pipeline by
James P. Rostov. • Prentice-
Hali, £7. -227 pages

THE '£8 bn. project has been
called the. world's biggest indus-
trial project undertaken by a
private' group of companies.
Business writer Janies Roscow
describes it thus:' “ Technically,
managed aBy and .legislatively
the; pipeline has dwarfed any
other inbdern-day. industrial en-
terprise.” It js ps hard to fault
that descriptions sit Is to Under-
play the pipeline's significance.

By this summer the line should
be' carrying 1.2 m. barrels a day
from Prudhoe Bay, the largest
oil deposit in the U.S. Together
with the existence of oil in the
North Sea and Mexico, it is one

of the reasonirwtoy the Organis-
ation . of Petroleum Exporting
Countries is temporarily finding
demand for its own oil slacken-
ing. So the pipeline is a factor
in weakening oil. prices.. /\

As the .book says. Pmdhos
Bay and the. pipeline, 'haife
reshaped' • the four -.major
owners. British Petroijferis^
once - the seventh, largest
oil company heavily. • depen-
dent on.' the .Middle East, has
jumped to third place in die
world rankings. Exxon may
soon gain nearly half its U-S.
oil from Alaska alone. Atlantic
Richfield and SOHIO have been
catapulted ■ from the middle
ranks of ' UJS. companies .to
among the " biggest and best-
balanced groups in the country.”

The £8bn. Alaskan pipeline epic

BOOK REVIEW; BY RAY DAFTER

It is a salutary thought .that
the pipeline’s total ’ costs are
larger than the assets of all but
three of its eight owners. But
that is the scale of the project
which has. pushed forward
technological and environmental
barriers and which has even
helped to solve a human rights
issue.

The pipeline scheme coin-
cided with a drive to settle
native land claims that had
stood for centuries. The two
became linked and the result
was the Native Claims Settle-

ment Act of 1971'which restored
44m. acres of land to Alaska's
70,000 native Aleuts, Indians
and Etkimos, as well as giving
them a great deal of investment
cash.

That piece of legislation,
environmental wrangles and
prolonged legal battles frus-
trated the progress of the pipe-
line which was at first expected
to cost $900m. and to be on
stream in 1972. It was 1974
before the construction work
could really get under way.

During the ten years from its
conception the project would
■ employ no less than - 70,000
people from all over the world.

Roscow describes simply the
logistics of the project
“Alaska lends itself to adjec-
tives in, streams as undisciplined
as its own rivers. Yet all of the
adjectives will very nearly be
accurate.’’ But coJd figures can
be as impressive as purple
prose. Here is what was needed
for the start of the pipeline
supply road: “Start- with

900.000 gallons of diesel fuel—

400.000 delivered ~ by road,
‘500,000 by air. To use the fuel,
bring up 716 construction
vehicles and other pieces of
equipment from below ‘ the
Yukon. Take another 75 pieces
of equipment out of mothballs
at Prudhoe Bay, where it has
been stored since 1970. and re-
condition it Bring up 600 tons of
replacement parts. Bring up 600
prefabricated camp buildings
and 2,200 tons of camp supplies.
Do all this in less than -three

months. Okay, now you're ready
to start on the real work.*’

The real work entailed con-
structing a 48-inch diameter
pipeline across a wilderness,
much of it permanently frozen,
three mountain ranges and over
800 rivers and streams.

Everything was on a grand
scale— even the mistakes and
crimes. In 1975 it was found
that records of a number of
pipeline welds X-rays had been
falsified. Some 30.800 welds
were called into question. These
were inspected and eventually
3,955 welds were dealt with and
repaired. The cost: 555m. (The
project manager for the X-ray
contract company died in his
flat after taking cyanide).

Rostov's estimate for theft

and fraudulent billing in 1975
alone is between 540m. and
$70m.

And yet the pipeline was
completed by mid-1977, the
deadline set in November 1973.

The Alaska pipeline construc-
tion was a frontier venture. It
not only linked Prudhoe Bay
with an ideal export terminal at
Valdez in the southerly Gulf of
Alaska, it also spanned two
distinct periods of time. As
Roscow’ perceptively concludes,
it was started when the world
thought its supplies of energy
were inexhaustible. It was com-
pleted when consumers had been
shocked by the 1973 energy
crisis into the realisation that
fossil fuels were being rapidly
exhausted.

v-

* ■

* 7 .-

. '••-sj'.

i EBHED BY ARTHUR BHVNETTAND TED SCHOETERS

• ELECTRONICS

Tubeless TV camera

• COMPUTING

Honeywell’s

terminal
specialists

• ENERGY

Improves transfer of heat

Sharp cut
in cost of

of the future

CONFIDENTLY EXPECTED, to evaporator tube, a further pro- Sofoe of the savings claimed COIUTOTl
revolutionise heat exchanger cess bends down the spikes include 20 to 30 per cent, in ...

design in closed-circuit air-con- forming a series of porous space required, 25 to 30 per cent, major savings in tuei con-

WTTW 'rHW rnnflrmntinn of the ditioning and refrigeration plant tunnels. in weight, and 10. to 15 per cent. sume ° and in maintenance are

is a s " rta “ treatment for' Substantia] improvements in in porter? . ' reported For a natural sarfred

_ oerween Jiune. « mnnMTfn* anH nnmlimcor ivihikc hunt orphnnerar norfripmonpo Ttaco^ nn A mprirnn TJofrippra- WSTfihOUSC

heating system

DEMONSTRATED by RCA, very
'■ recently a lightweight colour
r ‘ television camera has no tubes.
' Instead, three opto-electronic
'. arrays called charge-coupled
devices, or CCDs, perform the
; functions of these elements,

' covering red, bine and green
respectively..

They are small silicon circuits
with a surface area of one-baif
, by. three quarters of an inch but
^ ufc, of extreme complexity to
.•‘provide a sufficiently dense .array
•a£' : light-sensing elements and
-t.itfgreonnecting circuits needed
AfW-image coding/decoding.

: 30be engineering model demon-
_V strtkted is for dosed circuit TV
" agnations and when it becomes
'tCggmerciaily available next
* j ■ attractive - points for users
. unexpected to be its. reliability
' and ruggedness, . coupled with
-.low power consumption and
' elimination of tube replacement
.-"■problems.

-Further development is in
hand and future generations of
-'.the unit should find ready appli-

cation In education and training,
as well as industry. . .

The image sensor, less than
three-eighths square inch in area,
is formed on a silicon chip and
has a matrix of 512 x 320 light
'sensitive cells. The chip thus
has over 160,000 elements formed
on its surface while the latest
less specialised integrated cir-
cuits now being made have
under 70,000 transistors.

The RCA sensor has a 13mm
image diagonal which is compar-
able in image format to a i inch
vidicon tube.

When a scene is focused on
the CCD by the camera lens, the
light from various parts of it
creates thousands'of minute elec-
trical charges in the elements —
all differing in relation to the
amount of light received. These
charges are rapidly read out and
processed so that they can he
reproduced, after translation by
TV imaging techniques.

More details from RCA Inter-
national, RCA House, Curzon
Street; London W1Y 8EU. 01-499
4100. -

tiom outside the U.S.— will oper-
ate within • the

0 TRAINING

L-ess resembling thread rolling bubbles form and therefore the To match these advances, the 12.5m. cubic feet of space, tne I jf 6 ST FBI IT! 2” iO
HamvwMI or 'knurling." In the condenser heat transfer co-efficient. company has also improved its equipment will heat up the fi.iuafiJi.agj

r in *hP t ut) es. grooves are produced at Called Thehnoexeel tubes, compressor design — including building in just ..0 m^otes. j ■ •

i.v e * me ^ 'The grooves are they are used in water chillers better lubrication, increased blowing air heated directly by TJlTr|fk UTll

This is an imnnrtanr acouisi- ,hen cross rolleiJ 10 P roduce for air-conditioning print with motor cooling, noise reduced by natural gas (and thus with „ p .. th f Jr ^ .

Jims is an important acquisi- --y-gc in the neaks For the mi fruits from inn tn in nnn tnne ¥> dB and modified valve design Pe r c® nt - thermal efficiency) DESPITE the thousands of

tion for Honeywell, not only be- Epii{es m peaks * * or tbe outputs bom 100 t0 t0M - SSe of sSto- through high-level venturi, fitted words written each week about

cause of the excellent reputation Clyde University). to the ducts at ceiling level. the microcomputer, what it will

of the-Jncoterm product line—---, f-j* a „/ ' Extremely good mixing is mean to industry and methods

Barclays. Midland and Bank of 141*00 STIR OP hf^JITinP' ' achSST with the new heat achieved since the thermal of using it. trained engineers

England are users— but because A I CC ; aJJO-UV II VllilUg .. 5ES2L. wtaeS® JOS" it gradient through the 35-root who want to learn— quickly—

hawSSSI >«>RLD Patents are pending on These gases are collected into been able to hold the cost of its w 5 rehouse 15 onlj 3 h ° w t0 - g ° al ?£ u * incorporating

i°^ aUe ,4 d m 1116 U ‘ K ‘ a method and equipment for the ducting which' takes them to a air-conditioning plant at last de £ ree s c - ... . .. micros into Iheir designs are

a t£-¥iS mmnsnv recovery of process .heat and its heat recovery unit and this heats year's prices. . Compared with _ a nmilar 'jarej- finding Ithaiti to ohtain adequate

The U.R. staff of the company aupjjcaxjon j n the beating and incoming fresh air before the 9 ( s. nn houBe hea , te d by a conventional courses with the appropriate

60 an , d lncote 5 m h f- cooling of factory premises? Four gases are discharged. Initiall\\ Dt w P ' muiufufturen the S as_fi . red w f te *' ?f|. rern * lhe amount of practical content.

courses, designed by ap inde-
pendent software specialist and
now given tfie backing of
Motorola for use both in the

note the equipment both for via the same process heat source, noratine the design is the Carrier E:i2.„ < rVn«rt Motorola for use both in the

>n field installations and for The main characteristic of the in q 6 as well because, apart from the main y.K. and Europe, is attracting

rersion of existing factories, system is its simplicity and the 2^ P Sanufacturers i«" ’ T^n ci'vuiation fans. Jbere are no considerable attention from

, - promote

will find their' market penetra- oreen “

“W£5S&. , sr i « ^ssasi'tadS^sssE ss

many users of Incoterra equip- 0 f the equipment is derived from w t,ich handle the air (Ebara and Daiken) and the Casaire design. _ __ well

“5^-bavo it connected to com- several months operation at the “At the plant where the original

putere from other manufacturers 100,000 square foot plant - - -

will -glue dt a' foothold at a large operated at Burton Latimer
number of new sites. Weetabix, which, with Baker

More from Honeywell pn 01 56S Perkins. Daly Heating and „„ 1U «

■iuiwniua

Wall-mounted thermostats con-

niicro manufacturers as
as engineers from many

Further rt » vein omen is include 4 _^t j" V™ nor^inrc companies io tiie field, including

Board test sales claim

AT THE same time that -it has
announced the shift of its Euro-
pean headquarters from Switzer-
land to thi* U.K., Massacbusettsj-
based company GenRad has made
the pur prist' claim io.thc position
nf •• nunibe. 1 one ” in the circuit
board automatic test '. system
market. - ; :

Jn a statement last week the
company said that duringi97£'it
will instal its 1000th system, * ! a
._ total that far exceeds that of any
of GenRadg competitors." The
statement continued: “This
quantity dearly establishes the
company as the world's leading
: BqppUer of systems for testing
v. logic, analogue and hybrid
circuits."

- The announcement appears to
be the outcome of a considerable
“re-think" by the company uf
its business posture, dating from
1968" when it was still called
General Radio and was then
mainly known ior its quality
radio/electronJcs bench-top test
units, notably signal generators.

Ironically, the. company was
? backed into" the board test
market by an in-house require-
meal — it had . begun to make a
low cost counter in bulk and
had nothing with which to test
it After investing some 50 man-
years in associated software and
rejigging its service organisa-
tion to suit, GenRad now claims
to be first in the field.

919L

• SAFETY

Stops shock
by cutting
current

Engineering and Stuart Beare ppnt ^ ^ n f nroeegs^ - pimIc _ ousuun — »u imiwnaui uaiu — nresunposes" a basic knowledoe

asssa- mskK up . 116 1 •TaMJ'

The ovens are gas-fired and it Stuart Beare Associates, Colston climate Equipment, Highlands Casaire. Raebarn House, Jrom »*-

is from the combustion gases that Leys, 1. Burnell Close, Bidford Road, Shirley. Solihull, West Northolt Road, Harrow. Middle-
the waste heat is recuperated, on Avon. Warwickshire. Midlands B90 4NL (021-705 7601 1. sex HA2 ODY. 01-864 02SS.

Apart from hearing fne formal
design of opera-
tional routine-, participants have

OFFICE EQUIPMENT

Shreds waste paper

• INSTRUMENTS

Indicates

between ±20 'per cent of atmo- ara P‘ e ^ DrV

spheric, and relative humiditv ro ent specifics II. v a e. i^ned to

uo to 100 Der eenL ' show how Jnt0 -

up to iw Der cent contra! systems. One piece of

including tne connecting equipment allows a micro system
cable, the sensor weighs 300 j 0 L *omm'unicaie with another
grams and. measures 30 mm such, and so on.
diameter by_ SO mm. It can be By the end of the course any
lowered on its four metre long control engineer should he able
cable into tanks to check the | 0 design and lest programs to
oxygen level. run nn micros and link the latter

LOW COST should brio? a new. fir at

earth: leakage circuit breaker WITH AX lSl-inch wide throat, offending material is rejected for 10 VP I OI
(JSfiCB) within .the scope of xhe latest shredder from Of rex, separation and refeeding. A
tuspy homes and schools, as well the Fordishrcd 1800, cuts card* power overload cut-out sensor is AVITririTI

as -laboratories and plants. board and paperwaste into i-inch also fitted. ■ These overload vF A, V Uvll

B and R Relays suggests its strips at a rate of J ton/hr. of sensors allow- -the operator to . annirwr w hmn

■us® where power tools are be- continuously fed paper. leave the machine to deal with , “J '* l r • In safety applications the port- to other equipment satisfactorily,

in*, operated - in damp or Working at a speed of 60 continuous forms unattended. /° able unit can be used to check More from Bleasdale Com*

hazardous conditions and it will ft./min., the machine will shred Conforming to BS 4644 and fjj™ ™' ’JSSJSKlfi pr P£ es “”*J!?,t oxygen deficiency in areas where puier Systems, 3“ Eastway,
provide protection for individual a complete file of some 50 sheets, BS 3861 for electrical, and meeb- proceuures. ah essenuai j flert gaa purging jjgg ^ een Morden, Surrey SM4 4HW.

appliances -or equipment rated including staples, pins and paper anical standards, the machine is SfO and in confined spaces. It can _

up'-to IS amps. It incorporates clips, in one pass, .ejecting the powered by a'li hp motor, and ^ 7i ^^ e T v T e -°P ed -^ y scientists at a ] SfJ c beck for excess oxygen in ?. cement b^tKeen tile

a standard 13 amp socket so that strips into a polythene sack nnerates ff 0m * 13* cnrkeL tiie City University, London. industries such as steel making, Ft ? ann( * 1 . the BBC,

appliances can be plumed in moanted below the unit operates irom a 13A socket Two versions of the inatru- ; n ceu-aoe works, and *fhpr nrol wtionnotum /ram The Tedintcol

SSSf* P 50 ^jTS£SSTw!& detects B ^ *• " lake ;„ a 4 t ™ ^ le - portable SS? !IS liqS? P^E^6l/ or

Should an earth leakage fault overloading of the .shredder Stephen Street, London WIA and powered by rechargeable may present a fire Corporal w^ Ertenial Services

• PROCESSING

Automatic deionising

FOUR FULLY automatic two* Tbe diagram, shows all valves
•^d deionisers for water flow in the circuit. It indicates when
rites up to L2Q0 gal/hr have the system is tii backwash, what
been launched by Aquasiat, They the current state of regeneration
;are intended for treating make- is. and signals the failure of any
",®P water to closed-circulation solenoid, valve. Automatic or
|>'siems. for small boilers, manual, control is available, and
wwpilal and laboratory applies- 0»o sequence can be stopped at
boos, and for low-capacity pro- anytime. .
ydnethm plant More from the maker at

iv samp control console, with Romney House. Tufton Street,
P riunie diagram of the water London SW1P. SDR (01-79P
^ .titcuit. Is used for each system. 3647),

of- l^kage Aluminium in odd shapes

batteries, and the other, with hazard. The unit can be taken 03 source material Jor its over-
more facilities, and battery/ into confined spaces and work seas ^oadcasUi.
midns operated. areas, when it acts as a continu-

The oxygen level is shown, on out monitor to provide an alarm
an LED display, from 0 to 35 per if too much or too little oxygen
cent in 0.1 per cent steps. It is is present,
stated to be accurate to within a major application envisaged
±2 per cent Of the displayed for the larger unit is in monitor

develop; or if anyone toaehes a before jamming occurs, and the 1EA (01-636 3686).
live part of the connected equip-
ment the ELCB will trip out urraniiABinu^
and the current will be cut off. £ METALWORKING
Tripping speed is less than 30
milliseconds and sensitivity :
under 30 railiiamps

current and the makers believe .. . .

that even small children or the ALUMBAZ is ready to conclude usually covered by a decorative fading .between 15 and 35 per lng the oxygen content of flue
infirm will be protected should know-how agreements with -handle). Or it can produce c® n t-' oxygen with a response gases.

there be an incident foreign companies on a process hexagonal windows seamed in time of 5 seconds. The instruments, which will be

One of these devices in tbe it has developed for the produo four places (hat nan be fully Tb® instruments have a two- available at the end ol February,

home. - would be protection for tion of special aluminium pro- opened without the need for a J° ne alarm which indicates low ^ ma d e bv Neotrontcs. Build-
the accident-prone gardener who flies for the building of odd- centre bar- battery, ana which can be pre-set j ng 102. FST5 Site, Staosted Air-

proposes to use electric hedge shaped windows, or profiles for A recently completed project to indicate high or low levels of port, St&nsled, Essex CM24 SQX
clippers or an electrically driven other building purposes. was a 'trapezoidal-shaped struc- oxygen. These -indications axe (0279 870182). The-portable unit

lawn mower, Its method permits bending ture for a shopping centre, made also shown by a flashing display, will cost £ 185 and the larger

■ B and R Switch Products Divi- the aluminium to form a circle of entirely of aluminium profiles. The units are unaffected by unit’s price will range from £2S5
sioh, Templefields, Harlow CM20 ap . to LSQ metres diameter, The Alurabaz company is at temperatures from —5 to +50 to £330 depending on the

2BG. 0279 3456L sealed by one seam (which is PO Box S37, Beersheba, Israel, degrees C, pressures variations optional facilities fitted.

GENEUnS

static and
transportable units
from 3KVAto750KVA.
Baseload, standby
or no brake systems.
Sale or rental.
Manufactured

LEIGH Sr. VVAISHAW BURY

LANCASHIRE, ENGLANO

TEL061-7GI 1434
TELEX 6S8B50

"Lombard

.AROUND BRITAIN : PEMBROKE DOCK

From class to
caste

Financial Times Friday Jana ary 2~ ^78 ,*<] t l

in

^SBfort
,© Hanoi

f * n

BY ANTHONY MORETON, Regions! Affairs Editor

BY JOE ROGALY

THE ECONOMY of the towns over the Vinter months. Even and Esso-— have built refineries That the terminal. can be built .This wouM be a. m £j® f

PROPOSED

KHNERY,

EXPANSION!

sure

f isH-

surrounding Milford

iuv» ua over uig luuuujs- b’ch <uua na»c uuui icuucun 1.1141 uui iuuwiAi.Mu ui. , — n r .. . r *

Haven more important because of the around the Haven and BP has at all is in' no snail measure -to Pem broke ^°c Q 0Bserv ^ C y

Sg^^ety may be di* ^e ? The^eUte Itself is Seleo^ Z ,**' 5 during T5 ^ dSSTS pro Je ^ Such refineries are. inevit- E? ; 7

'undfStand why? T^atV tee Dr.Tialsey. is “from tee%Spe iSvtfc %rad£^ aSTto^be Particularly apprenticeships, for ^Tloo ‘ B ° aid ? .refusal would be contrary to the visage rf that some workwijl be

principal message to be received of a pyramid to that of an elec- imilt^-a £290m plant jolntlv young people, with the result 5l?L no ?i or ® than „ 1, ^ } ajn ^ n f , wa ? set ^P,by Ant of terms of Magna Carta, which undertaken iu Pembroke .-Xtocfc

so far from the curreot series trie light bulb- This is of course bv Texaco and'Gulf and another, that many of them leave to find theffl - A! most « ! ** men * ment, and is not part oftee allowed every Englishman the itself .

of Rette Lectures by Dr. A. IL characteristic of ejected t £75 by work elsewhere. * many of. them sejm : skilied with . oaEkmalised ports- imdertafang ^ l0 trade with any foreign ^ terminal itself

Halsey. Professor of Social and industrial societies, hat in . .. a proportion brought in - from- but a member of the National J^L.h 9 «imAn who could bring Hnncs -ip-.,

Administrative Studies at Ox- Britain the new ciass structure £«noco and Murm. Moreover. This problem is nothing new ^ been su-- Pom Simrtf In effect it^ ?* E« £ ?ni Sullivan has lba *

ford. Wednesday’s broadcast, is complicated by peculiar B+I Line the Irish shipping for Pembroke Dock: Its heyday °^ edthaT Tree a)mSuction ‘nni ne ^ main J 1S sh - ,p , based. Pembroke Dock is MV

the third, must have struck national attitudes to status (who company, plans to move its ferry was during a nd after the First ”5 a °I° n Jf l0US ; of , th * been u» lr * n,l ? rtal r , » att ? c ?!S a lovely town at first sight; ;tl»;

listeners to Radio 4 as especially is grander, a trade union leader terminal, subject to Government world War. Built as a naval P roje . 0 ‘ i- r us type , ua . ^CBprions to that autonomy is b+j because it was he who saw rfJIC i tvar ^ has « decaying:
puzzling. since it concerned itself or a company chairman ?) and approval, from Swansea to Pent- dockyard it has never really a 5S ra vatc the unemployment that it -needs ministerial consent the possibilities of developing a DW ,~ raacC Some of the smal£

with that most impenetrable of caste ■ ■ . broke Dock la May 1879. The recovered from the withdrawal position eventually, because for any investment over £lm. 230-yard waterfront site with J^j neerill£: concerns . which

social phenomena— status. U « b p e J4if UlkSfiJn^bSt crackers wiU. .at the peak of of the Royal Navy in 1926. The of ^ attracted Jt ^ ^ point W hich has eight ?c«s d f hmterland-He sprung up in the hope uC

Thus appreciation of the con- S-clI worth reexamining is pro- construction, provide .work for other towns around the Haven by the area, settle down there ■ opponents of the bought ibe land from Richard wofk fQr Celtic S«« oti havfl.-

tent of Dr. Halseys talks is not duced bv Dr Ha i sey _ jj U p b 0 j over 2,000 men and eventually have been equally hard hit; even wrfaout a job to go to. B+J move Swansea’s MPs, the Hayb Investment and intends to {aken s p #C e m the yard but their.

?**&*[? m»Sr? dV We SITS} tee change in our dassstnicture give iong^enn. jobs to some 400. Neyland, once a- prosperous For this reason, the ferry. Welsh TUC, the people . of' *und the £4m. cost of develop. uibllllon m the locat.
un ineir quatiiy. we oave >e* y ppminn»rl for hw rh<» urnwth * = i «h» ■_ ^ , , j , , m TC+7 over 20 VESTS, a i monanarf t «■.

satisfies at least some of us. And ln factor ics, shops and offices the construction project. fleet drop from over 120 boats ine ^kes 10 hours. leaving only' move. But they ate facing a on the shorter run, tne . yepage

bro^ca^^t b thev al lr° f .:. l b ink i n S about our society Y et it is the ferry terminal » tpu. .... ■ tW0 hours — the very minimum losing battle. B+I also does mSSm The ferrv itself will contribute:

Pieces of the puzzle' which is a * iSli tica ! P which is exciting most interest The vulnerability of the Suez — for turnronnd. By resefaedul- not want to stay in Swansea w^ ^ve to add marginally to solving th*

Sa 5 l P ’• ?L 5^ l utf^rtfchBt!? «nce it is considered to be of Canal and tee -consequent ing its crossing from Cork into because of tidal problems and 50 bis i>W» Jhu ; will «f finding jobs. Its-

^ jPnjlfln. U Q&YH plov l. _ ^ Jt V - — 1 — — * — L ■ ■ ■< r/ L L - - mliftC .< ® w t — l— I— at On on tn Ppfnfirfltp toportance is that it wilt pro*

«*, “ ,a that thinKing aooul our society 1 v^t it is the fprrv terminal
that .l bey -what was once called the study LJ2 l c "JEL “S^TSISS

The

^^1?; Or tak. Mother piece, pot

in p , a fLJ >n ^fArA tfTc often studied hut, I suspect, often
ample, in a few more or less it, n .. a t.| about Dr -Haiseu talks

. throw-away lines last Wednesday ‘bout the “iodli dlvEfon of

iSr. which includ« l tee D £

K&Qfit British claSbPs &Dd status- nK-tno^c in the ser-

$roups may be fairly loose-knit vices of the Samaritans, and the
. nowadays, the classical working fldd , unreC0 nled by the Inland
class has -become so tightly Reveaue ." in short he says;
. bound that it is very nearly a lhere is -jujotber economy of

“JfJL _ . . , , „ ■ vast dimension.*’

There has developed, be

1 said, “a more homogeneous and _ _

> arid people"
,-ery excited-,
wonder ^at:
it the

ias happen^-

Leirum set for Ayr win.

U1U, tt U1UIC UUUUlgCUCULD £U1U . . 1* 1 A-*

indeed more hereditary working IVInOnllPlIi JTlff
class. This is not. by any means, uuuuguuug,

the expanded and immiserated — — — - - . — r ... . . , „ T „

proletariat of classical Marxist understood by the Italians, who Leirum and Ballyrourray, are again in impmxjve' style before National Hunt Festival meet mg. Ah J t * 4,„ P< h*iej; from the Henrv Spencer of Retford, sold

prediction. possibly resard it as of greater well worth considering. . ....going on .to .letter things. subject to plannm 2 permission FOUR NEEDLEWORK ebair P^ l «n^nrrnmT h eRaDhael silver for n7.72i. A lale XSth

- Quite the opposite. . to h ^portanev than tejwnM. T* «« .Jf- fi* P . ^e»tr«t to Uinm.. Bally. :<*£■* ^ h .. . Se ?SSS SSw L «.« * «*

This sub-economy

IT OFTEN PAYS to follow such authority that l not only, block SfpQfitf tbe winning post
Brian Lusk's Irish raiders at Ayr expect him to defy the formid^ find tee adjacent wooden club
well’ and his two there to-day, able steadier but also ttf. win stand is to begin after this year’s
who Leirum and Ballyraurray, are again in impiwswe^tyle oefore National Hunt Festival meetkig.

T7th-cetttflry sampler fetches
record price at Christie’s

contracted, better off. and more economy whose activities are take the field is thaT^ W» tnurray has been having a lean cost wril be met by a the lSth century, sold for £1^00 cartoons ; sow 10 «

colleerively powerful. But it is recorded in the official statistics, sive and now extremely useful ^ ^ „ nce ra |king a interes i* fre « loaQ of at Christie's, South’ Kensington, d ?| ler ^ a ^ an f ® r diamond

largely recruited from second ln Britain the extent of moon- seven-yeaMld^Lwaun, who bids winning reappearance ra a ^5^°° T Horserace yesterday in a costumes and A marqmse-shaped diamon .

,mi »Kin< K~.ni. n c - n ,>n j n K« Fni< M,h nniv for fourth r'nnwwitivp rnurse Betting Lew Board, with the re- tpvtiTivt auction which fetched weighing 5.4s carats ana sex in

mediately to the miners, or the su 9** c *

oemg ooiainea. . covers ana wicks, u snug mwu wuw u- iieh hv Rintf

The cost will be met by a the 18th century, sold for £L500 cartoons sold to the Belgian 5 U

short-term interest-free loan of at Christie’s, South Kensington, dealer Charaban tm SSiUn. Qf JJ ir,s JSE * t oner in fhe'
£600.000 from tee Horserace yesterday in a costumes and A marquise-shaped diamond. The bt.fiestpricc m ne
Betting Levy Board, with the re- textiles auction which fetched weighing 5:48 caretsandsetln ff£* by Si! snini /or
maiaing £900,000 being provided £21,124. A needlework picture of a ring, sold for £24.000. plus the ^-000 from Spink fur end
from ‘ Cheltenham’s own 1660 made £1^00, and there was 10 per cent buyers premium, at Pjecv- a J***® 11 r ‘hi„w

T*Hfn,trnoo anrf AAmmAmt) Inane nrin. nf fl IHfl CnlhPhv’S vpsterdav in 8' JCWeiS ThOmaS ROWlandsUO VkhlCh SOld

SSf^gS X m0K Clar,ti Or do’lhe"”^' h'«?eaf"ls» RACING had an - off dw - Jgre ; and that n

Dr A «u* r!M k ;vr,s BYPOM,w,c S3 S?S

^monat'wortSai” At tea We « tor i.N™btr, went ^ «ntalu S double early season £$££ GrSta

, ‘ T ,V undercover standing for about in mint condition Museums were

fn tee behef teat- be 2 JtjSB - ahff" 650 .seats on the act i vc buyers, with the Leicester. CALCROOM

had an off day--teere and fh« second-Boer leveL The ground Museum buying shoes and the ‘ DHwtllwvni

to-day's race will take^litrie wn-; floorof-tlienew building will in- Nottingham Museum ' buying; ;BY ANTONY THORN CROFT

iraaiuonai wording ciass. mine hiuwu» 5 u u U «■ «... "^Itn boat Minihtic hv tho same nmmice

beginning of tee century over do not know, and we do not » f*™ pro "if:

Christie's first Bordeaux salt* ibis
year was the auction of 14
vintages, from 1945 io 1974. of
Ch. Trotanoy, a small but
distinguished Pomerol estate.

Top price was fur six bottles

ExrsZ£" riSSS*

a'dlfreTi tha 'SLA^taSS? "'Sf X “d ' T«»«*Ieng^belting S in |f« n “ tVdtt^Totflffotlow |_'J|lg2 , ” n ^ d,,r

abom a dal^and .uil falllna. lecture, so far i, that what at ;*£■“*** SSfi Hurt,e ^ i^SSJS%SSSXZ. ledry

Hite -T airly “ark^ dlriSoa undereSadabte structure 3 * of Wh ° f ou i? h have an^^WiSg ifcSKSSiS*”

between ruling classes and the society has become a va^t puzzle, doubled that seven-lengths mar- TitRiih^ L.J nn\T4cnrR

rest, now we have in the middle We knew teat We are now able gin with the minimum of fuss Hugue look like beihg two more DONCASTER

the semi-skilled and skilled to set out some of the pieces, had Frank Berry so wished, for the Dickinsons. 1-30— Tempting Times *

manual workers (two distinct Brit it will probably take another meets possibly tougher oppo- At Cheltenham, a £1.5m. .re- . 3-OO-Flymg Hugue

groups), and the huge advancing Marx or Keynes to put them nents this afternoon. Ncverthe- building scheme’ involving demos. ; 3.36— MIsler Know AH

armies of clerical and sales together. less, he has been winning with. Ittion oMhe oM Weighing Tgfijtt' ; -ABfr-Tjgpsbenko .

A Christie’s' ^le of objects ofr V : a.sunguisiwa ■

art, and conf mental furniture; Tag 1221 carats fetched £12.000 Top price " a ^f u M* x th ^UJj?
totalled £79.502; ■ An ormolu; and a circular cut . diamond of the 194a (F-60) *n& thi \Wl
mounted ebony and boulle weighing 4.74 carats, also rose to £2W1 per dozen. * hi e tm
bureau-plat .of Louis XV design mounted as a ring, made £S,000. 196fi went for Elw) p«.r s
but dating trom. the mid-19th 'Sapphires were in particular magnums, ana fi 15 for *r\ i- /
century and stamped “ C. Mellicf demand and an anusual lot was magnums. The purpose of thr
and Co. of London," sold to'the a Victorian gold brooch set with salv was, no .doubt.

London dealers A. and F. Gordon y Greek silver stater or the late publicity for the chateau, rather
for £3200. - 4th century, which sold for £800. than to dispose of tor

A set of four Louis XVl-stylo dmible its estimate. only -)J5 dozen standard-sued

art til ItiUt DUWAflVlJiU U"UU1S T If

^iltwood faU&uils sort- to Va At Sotheby^ JBelsravia silver bottles were owrM.
private buyer ; * for £2^00; : ’ .; . and plate broughVm f 65.735 with The^ rest of the salj «JeiHop-

The same xEaSVttaftE'^hy • 3 highest price. of -£1,600 for a started the rising demand for ihe

cotipfe of Germanea caddies Md .WOs and _!9TU-thnsr vfntages

fr W

5 Nationwide (London and 7.55-gJO Sykes. 1020 Kane on Emmerdale Fa/m.
South-East onlyi. Friday. 10^0-1051 News for Wales. 5.45 News. /

t Indicates programme in
black and white.

South-East only).

U0 Nationwide .Goes North.
6.45 Sportsvride.

7.00 The Pink Panther Show.
t<20 Sherlock Holmes Investi-

Friday. 10.50-1051 News for Wales.
1131-UM a jo. Sherlock Holmes
Investigates: “The Woman In
Green.”

Scotland — 10.23-1 (US a.m. and

BBC I

gates: "The Woman In 11.05-1125 For Schools. 5.55-020
Green.” starring Basil Reporting Scotland. 8 J0-M0

•JO sua. For Schools, Colleges.
10.45 You and Me. 11.05 For

Rathbone.
8 JO Porridge.
SjOO News.

9J5 Gangsters.

Current Account 10J0 Spectrum. 10.00 News.

5.45 News. /

6-00 Thames at 6.

6 J5 Crossroads.

7.00 Mind Your Language,
i JO Maggie and Her.

AGO General Hospital.

9.00 The Professionals.

10-50-10.51 News for Scotland. Jiwir rvace a. C^ T A T TUT 'tmTie TT I^5ri” v ’-T'i&an(n[rmshins

Northern. Ireland — 10J3-10.45 10.40 An Audience with Jasper Ke he

10J0' Police 5.

•Wifes lfnadITiV«r. • L30 fftdoor Leajmc
' 2 J» Women <»nlr. t 2 JS ■’Tti’? An^jy
Slleiice” sUrrins Richard Aru* borough
5.15 The Undersea Advmsres ot C amain
Nemo. 5J8 Crossroads. 6 JD Report
West. U5 Report Wales. 4J0 Emaer-
dale . Karon. UJS Report Extra. U.Q5
The Friday Film: ••Pray far Uie W«d-
catt.”

HTV Cymrn/waJe*— As HTV General
Setvioe “*cepi: UAA25 p.m. Penavdau
NvavddlOB y DydcL 4A5-4.« Cor Metro

:SW ■

Big guns sink their opponents

AS THE U-S. Pro Indoor chain- promise was blown away io a games w^ro held in the npeninq
pfonships reached tee halfway veritable ; storm of- Swedish set, .one by each man.

Srhonls rnllec-M UUnm vjshmici#. a.m. ror Schools. 3J3-3J5 ..

1M p?hh£ unf ill W iMi To-night (London and Northern Ireland News. 5-55-6J0 1L10 Baretta.

Carrott.

IJO Pebble Mill. 1.45 Mr. Benn. FvA

2.05 For Schools. Colleges. 120 W - Q '

Tram: The assassination that JJt? Bovce S^ConcerL

started World War 1. 3J3 Regional S toSJ^ri

News Tor England (except ,L21

London). 5J5 Play School (as starrtng Terence -Ntamp

BBC 2 11.00 a.m.). 4J0 lt*s ihe -VII Regions as BBC 1 excep

Adotsj.

HTV Wot— As HTV General Service

'*» stage before 8.440 fans, who aggression as Borg lashed ^ his j n the first of the third rouqd

braved tee storm-swept streets spinning ground strokes, deep raatc2les vitas Gcrulait is. the No. *■

1L21 The Lale Film: “Blue,
starring Terence Stamp.

sineAroundSix ^IOJODmS 12J>5 a.m. George Hamilton IV. ««»«: u»Sja iwa. R^iirt We« Heal- of Phiiadephia to reach tee^ and fast, to tiie^ corners. _ .... ± seed, was defeated by. bis

toid. Sswoll 12J5 Close: Pearcey Spectrum St^lum, the Jite ftomT .; Thfl. ^..friend and doubles Partner.

SevVfor Northern Ireland. reads a poem by Hilaire. . SCOTTISH _ began 1o .See V&te-omlUQiiR efiS---matah 1 . grapta^lly summed^ up sandy. Mayer, the N». 15 nM).

553^29 n- k, i M ]c BeBoc .. JgS* «2»*« » - ciertcr.so that H.of the superiority.- .. ■:“> '.Mayer won 6—2. 7—5 on fin

EaS^ (?StSSh JbiE?* - ASS A » m \ «egions as'. London ^ .^Fklscr YhtcSjnmtdk |aoint mnd «aW aftjfr-

Wolf (cartoon I. 4J5 .lackauory. the following times: —

AH Regions as BBC 1 except at (Leeds. Mancbesrei . - Newcastle ) : esrept

Midlands To-day tBinnifigharo);

ANGLIC

•r“ .hA’EWmc mjo Ways and Ueato. JJLOtt

The first' 'and' ’second seeds, r.'

F.T. CROSSWORD PUZZLE No. 3578

5“* f l Ri^h\ C ihan?\ eWfi nT,A Lai® Fltor "TIw Sevvotb San.- JAC a-m. Leacoe. IM Womrodato^ £35 Friday day< both advanced to the last

cJffi"sSSh m> u-2; asa; »»

Limw Y 0 «3VsSk- ._ATV’ . • / S-JJT s. "itfHs; Ufe.”fc£ ” ere

TENNIS •

BY jOHM BARftfftt i
PHILADELPHIA, Jan. U

L 20 PJB. 1 TV Knuduk. US Indoor 3 S and, 6 B». SJ* Scene Souih East (made tO lo Ok helpless

■ ' : ' r - ’ ‘ : : .Wards’- tb at hv found it difficult
- T ^- Stb.^ptay .someone whose Baffle
[g* '- 4 - Ti’ Was- so- familiar to him. ' :r<

_ . Another reverse for the forrn-

itoTl " book came when Roscoe Tanner
jan. 26 stormed through the final set to
boat the No. S seed- Hie Nastaaa

6 — I. — 7. 6 — t). despite the nsfiin

it the side- Nastase antics, which began with
jponents, it 3 queried tine decision on the
a ace. but Such has been the breathless
celf m hw advance of tennis in the decade

Peninsula; West l Bristol) Public
Life.

RORriFR 9J9 jj». tiw Good woni ftrttow«J by Panatta. with some tremendous Borg, launening mmseit to nis teua» m ii>c uewuj

tug »«. bobS- sSS US’Rrtw He>diin«i; ua p-w. hitting which earned him a 6— 3. left, caugbt the ball in the ?‘nce open tennis was Introduced

BBC 2

11.00 a. in. play School.

7.00 p.m. News on 2 Headlines.
7415 Discover ing Patchwork.
7^0 Newsday.

X.10 Ki I vert’s Diary.

tl.20 p.m. Border \-w«. U5 Retiy “ — niLUilg wiucu uitu a a — o. ICI L, wujui ure unit ill uxv T , ----- —

Boo® cartoon, zoo MatioM: “Thq u*n,” ES2, h B— 2 wm in an hour and a quar- middle of the racket and pro- ' n l ®bb that Borg and Connors

.%5B Beryls Lot. 5J5 r a«w pars. M« in Loodw” ter. jected a doublehaoded rocket have each won mnre ^ aa

}J » Bcnri-aUi. ms Mr. and Mn. «.» Despite serving five aces in that had landed in Okker's back- 5200 000 already this year, -or
aj»t. Barter av«* samaurf. . ^ t ^ a ^ U Ni K ht^ira:‘ X> - Fw in Lbr tee -opening sets. Panatta was hand corner almost before he Together with Guillermo VIS?
CHANNEL Ktsbt.” Du* m-m- Ei^oitne. . CTOptns for his vqIIoot as bad completed his service swing. (Areentine), who last year wan

u* pjn. cijanne] UndKhM «ews aod ULSTER 1 "! j- It was the shot of a master. more than S75O.O0O from- ’tfie

uSaa^rs 00 **r uuwhrtme. lb FrWsy with his two-Bsted backhand, and yery first point of the match. Grand Prix competition ^loriS

8.10 Kilvert s Diary. CBMin. Dowusuiro. Uo Tte Nw « r a.» sSoet- T5i toyTs fierce forehand ■ « ' ^ «w h. il JT T*

S-23 The SIodm Pregramme: ^iSS S ^ wl T^nighL Connore faces , tec Brian Gottfried, the No. 3 seed. ^ up a *93$ :

HSfUSJH** tar€POrt aff^a'oSar 1 S 'S-JS* loneBritok Buster Mott ram, who restored confidence in tee seed- of th^ew^WiSiS !

9 00 SrIPS movwi B!ai«^v tz« a^». ^STpo^T s^zSb a Dw S” tost to the American .No. l in mg committee with a straight- ^ 0c « cd . ,n .

u - S ’ nw ud wiite m Frew*. • bao<l mjb Two ai 1030 . iajB soon*- th e first round here last year, forward 6 — 3. i — 6 win against J pnn, , s . p rn . f> - sainn a lS ( xplK

io” ■nTe'S-ororGBUrtiidw GRAMPIAN-’ -' ll" got the draw. Bvr* P»l«nd-« W.RM, rank. Ranl Puier ranking,. ..sued

IMS Lflte ® i^.ndS WF^TWARD was, if anything, even more Rannrez, Gottfried’s doubles „ Connors is at the topoua#

llis Closedown: peter Jeffrey tzs Fridal Madrae: -sm*- vn a.J; wStS^T Sb rue impressive. It. took him a bare PJj*”" tee seventh seed Vilas second and Borg third,;JMi •

reads “ How Beastly the hound" *tamng Ho bon - Mmton. SJ» jZ 2 k p.m. gob Boaertraos BtnJsisjs. 55 mmiites to dismiss Tom Okker. here, was too strong for Rose- perhaps more interesting Bi-tW-
Bourgeois Is” by D. H. We 52 ^ ln h ^=L Ht, ^' t SL l i^ s ^ the flyirui Dutchman. 6-2 6-1 and wall, the 43-year-old veteran spread of nationatiiies amWff.-.,'

Lawrence. T x«^ii^ Vrid^^iin^WjSS? 1 ,t*. -jc£? SSFcSmS he hardly made a mistake. from Australia, and beat him th e top 50 payers with 20 cuttpi ;

l AAinAN paring Ingrid Bcmoao and Gregory tjo westward Diary and spora Dest Okker -started well and held a 6—4. 6 — 2. A curiosity of the tines represented. iiifi, r

s-o - "*• cranaim' SS 2SSr*Jff-iJr%JftiC poiD, M ,ead M ta ' ttis earlr match *» tha ' on, y *** •"»"» »■>»■ »he gome Iu« bta^iMhVv'

S-0 a.m. bchoois Programmes. UKAlNAIM. . Man«snr BUiae.- a/amthf Dtrk Bocanic. i : j; -

11^3 Felix the Cat 12LOO A Lar MU. Tha Is yoor Rlshi. L55 u^s a.m. Faith for Lite. ” . ■ ' — — — i f? .;

Handful of Songs. 12.10 p.m. Friday Wadncc: “STa!e Sw«" iwring YORK SHIR F • ' ' ' : :

Daisy, Daisy. 12-30 Cuckoo to the 5aa ^ your Rutr- -us Cwsmofls L» mu. Calendar N^ws. xjh Sew APPOINTMENTS * " rV'-.

Nest. t.W News plus FT index. Granada Rcpom. M# KR* Off Boop.' 1WQ Friday Fllni Mariner. "The ,\-J f

ACROSS

3 Horae .we start burdening
with spinner’s product (6)

4 Talked nonsense, making serf
blnsh (Si

Iff One nho keeps the wheels
turning Tor bribes? (7>

11 Mason in conFusion builds a

t J 0 Help! 1-30 Money-Go-Round, ibjo Report* Extra, hum Croat FUma Card." SJO Berrt'a Lot US Calendar

6 Successfully defended us '■» tajg Lot 225 Friday - <*

pointed out after five ( 10 ) Matinee. Don t Raise Tlie Bndge. HTV • . _ ur. Oaroir: -Manor on tiw Banner.”

7 Get UP ahout a pav increase Lower The River. 4.15 Horse m 12 J 0 Mh Thu GuikoO Waltz. L 2 D sratThw Charles Laurttra and dart

p “ the IIouw. 4.45 Magpie. 5.15 Report West Headlines. US Report Cable.

8 Continental article in dish

fg)

9 Soldiers in bad surroundings RADIO I

mnkin" mfinee f5» (S) Stcmphonlc broadcast

. niaKHL. niqnct (a) __ H , a i n r- tji

EMI music reorganisation

247m Oaa veers' Sait* Qaartot, fort 1 tSt. >S>. SSSS WeadJcr, jjnsraawuf wire changes have been made b.v EAfj bave^a' •^r^on^'Sositlon ^fn? 2^^l2? I » Aprt * ?? but Hin rCJ#^ f^-5

noanxieen- jh nog yuartot, pan i ts». **■» uteatoer, wardmuif am hmukh ««« »<•> ue »y uu nave a supervisors- nositinn tr.* « 1 ■ * "

UJ3 tmcrrai JtPxdiaci. iijn Campowr fVHFi Regional New. .wo Nejrt 633 from March 13 to strengthen its aU music publishm** i/JS ?t v no "‘ c * ct : ut, vv il Hector of d»-.

SSLWE^ Vfn positton in recorded music. tmaS “Su ^ Wamw. . r ,

WO a.m As fUdln 1 " MB Jioe} jfKdiy Prom, part 1 . Ujfi ftewS- L» Arotoers. 7 J» Pick of the Week f Si. SJfl!

JJSET tee Board

Of EMI Music Publish in « Tin *.-iit

s president -..St* 1 ? rrtc Vv,J,s -

in plsnet (10)

13 Quiver in ‘silent remorse (8> pushed (S;

IS Knew it euuiti be accom-i**-* 2 pr ’‘ l ,s '- *2J»-12J0 mjn. As Sdutbr. pan tJtS Th. Young Idea tS*. U-15 The Finaocral Wortit Tootehl,

I .a I ttaiim J c - iu «iin Tmiii. in Birllomj.i ' 11M Kin.

»f Pa the 2S?|J!K

ispplatod J IEL *AN1 MO'luK COMl'ASV;>

Ij

*■ , ^ 5 / "• Homeivnrd Bound 6 JS News, 1 UJII Today in ParUom-m. - UL« Neva.

VHF Radios l wd 2 — 6 .B 0 a-». V. nh Rora^M-ard Hound ■ k-ootinurfi JWO For Schools (VHP only) Wfl ibSk-LUIB

Ua.U.t ’• H in Oml Titian. , . _ . _ ,n imim

aud 942.VHF S3 ««“ Ski rt “* **

21 Dog born before bird 16)

24 Punish in field of study (ID)

26 Caught monkey in head of
land (41

38 Speech ln the place where
one may be found (7)

29 Pledge m returning in ordi-
nary language (7)

30 Occurrence i had to follow
with a note at night (S)

31 Cold female gets obstinate (6)

born before bird 16) 543 Bird to shoot (5» w* a-m. summary •« Kay trobortanro ol BciBK stain. W5 SBC MB lobby MB Lortdoo

ish in field of study (10) ^ Pbui t coming from southern ff-ASSfli «R k£Fv& *SS S?* » Srt£

gbc monkey in head o. bord'r (5) »?SU?t^%S2J^?2£: gg- Jgg a -“» ««

27 Thus a river may rise (4)
Solution to Puzzle No. 3,577

DOWN

1 Ponder over tooth It
swallowed (S)

3 Headlong objective of the
hangman (54>

3 Comfort as seen between

. Orientals (4) .

$ Fleece the little beasts
family (Sj

WHBkJBa ••'iSBaaQIlHB
E G.n-H B Q
flEBBBBEEH 0CHHQ
mjs S Q S B E D

□ass naEcncsBEG
b n a h a

HSHHSUa '□EE3QHH
Bjn Q U H Q

. QHnnae BSQQeaaa
b - B b s h □ a

BBEaaEQSHQ EBOB
B D a Q Bi B Q B
annsn qdsebbsbe

H E H a Q D Q.V G

BEBnaOBB aannnFi

'!W NDK inr inuui.ui IJC K« 1 T> sow. ii-li twniuz ua. rrcord (Si. «-* cum HAS Home Ran fcit

Wtwdn iSi Inclutjiiip s^r RacuiK BuHcitD lutuus ado TonJalit's fichifterr Sports- Desk. LS Gom Flaw

and 8.45 Fsum: for Ttousln. 18.8Z Jimmy sow no rrcord. Loafc Sioo Liaton 7 , to tii 1

Vonnc 'S*. 1Z15 p.m- Wasnamw Walk Radio 3 VHF only: 6j.fr.7J0 PM. Open SJO Black Londonf

12-38 Petk- JtaWl open Houa c IS. Unnoralty. - TiSr Sirnrt njO-Clow- A?

Including IM Sport* D«t » DavM n a pjlfl A 1 ' m ^

Hamilton iS) mctttdins 2AS and 3.« ,,, D 4 . LODGOIl Broadcasting

Snorts Desk. 4J8 Wasiiorenr Walt us "- 15 "w*- SST FarmlOg Today.

Sports TX-sk. 4.« JotaSnn «S> lodud- tai/p m rtw Hour, iamfl Ke^ooai ,

ihh cm CMHa n.s* snAvre tvicv \pwl 7 JO Novs. 7.10 Today., 73 U0 ^ amin* Monuaj HQUC. 6

wJi&jM WbiiilS toNon 7.18 Today- MS Up 5J* a.m. Homing utulc. mo a*.-, i “

S to Urn Hour •romland* . WS-.lVHFi «nrst?D. .»«. rcytetrslhoru; and

igs.ir a amrs si’K.-arssiviftaE b»-b wism

261rt and 97.3 VHF Wood COnTinuin? as rb airm,s snT*l P* Co February J 0n ( srtM, ‘ lM « in «elBSfefl
ig Utuic. freb a j*.: Director of U.K. records nnn'r. continue as 3 tion-tvccutirv [i 11 * ,l 'vn translocrcd/id?);

JtZZ: Hons J? 5 “Pera- director of u,-ii«^L" I_ l . s ™ lv r Dnlibh ivvuImmi^ 7 aJm^

Parade iSi bib Null Rlehartson can. ««sionai tsmra. sjw Nn»s.. KH.iowy. ‘ l a-. rv. ) v

ducu the BBC Radio OrcHestra (Si. M5 S‘L T j g" l g £ PariUnwm. ^ N«wr ’Sn Ramon . Lope*, who

Friday Nlcht is Music KteM (Si VJ5 < l ( * e GIwSt & ifteWta? manaeinc director Of

Snorts Desk. 1B.BI TreWe Chance. HU8 rZZiZ. 1 N,enumo - natiomtl one rations

liaK Ufeutw in Capital R&&10 , „ _ ygp At the beeinninc'of 1

Stow %rue 4SS1S jm .m. onJ nsiVS s r S2SJ£**i

— m>vn VHF i«KDr ijimm and SC) Show «Sj. 9.0* Michael Aspel (SI. 12.00 vJ® appointment of

?! "« «« FACTUREH? ln Bi ? Cl, IT MA!«f * - ■

™ Mr - P “* 01 ,hfi law A r. M»l tmr'Ojm. •

r e= , on4i| . appoiniM D-irtno* •

i » "ST S.”!

3 Mr. Wilfred June T, T - U K dlvWi ^” W AWfin? CH, '

Pnerations. J?" . d «irieri „ nl ron * awouatants. Mr. . Pera^vhiiijffi Jv

W %*£ » SUS^.Ti.ffiS
r ' ,u,,h h "

k.

I.

/

UTP-ij'^a

Times Friday January' 27 1 S 7 S.

■% *L. Vi. _ j:,..- ■ .* \

Haymarket

m

by- NIGEL ANDREWS

Waters of
the Moon

\* t jjrfUh fA><Odeon Havmarfceri ? or ^SU rish re * 1 L*s* es inter . Berlin their virtue^ and indulge or Jagging hot far' behind was the
■ •TaeiCftftrtoys (XI “ in * 9 ’*' — discarding or nuhunls- ignore for their defects. Jane response of -the -audience at the

T^Tibrt ut-r—.L.. ... . . IDE all thi* 'Qllirkv details Of her Fonda ie a oro.at Ki>rmn artTPRS nai'fe^A Procii ohniu<~ wfcn hnmnit

At its first appearance -in 1951 ,
this was the great identification

^ * >(ABC Shaftesbury Avenue) !{? a11 the Quirky details of her Fonda is a great screen actress packed Press shew*? who hooted JJa* for ih e new poor of the
ASto ™ J “irtF witb-.fellow^rriter visibly wasting away for want wkb .laughter when a girl threw 2 ,Xwi%av S ne ? he p °D a iy[

- (Academy One) Da ? h,el1 Hammett and of her 0 f a great role. She made -a betsetf off a -roof at the urging dSSdto ronnln- their nice ho™

— r-r- ■ ttSZJ^JSL- a l®SSfla *«?!. «*« °* *• her ? i ? e of the police -officer who was tup- “"S

. " Any Jane Fonda film is an SM 8 ?- #f J 2*5 ? l “ {? d ? e ; p6 | efl ? H *»er; who once Suent *5k ^ reduced to

• ■ ev«nl : and so are most Vanessa “1 ^ h !m!£Sth ? fiSsv ?£ d Sbe tnes * Iu . r ? 1 f J ? if 5 Bu J £uffaVr f^. v wh «« 3 .stereotype staying there, stood for the way
" Redgrave films. When both *• ™ y H? e ra " material Is Just not pansy (with pinh poodle) walked W e all- felt as we settled- down

actresses" appear together in “one Cdeing of bi -^ ic dfelailS ' ' V th ^ e - '-Her rage and her comedy across ihe screen' in a scene In to" making our"ow“n“beds" and
■ movie, it should call for a Heilman’s -.oddly - intense and an d her maryeMous j^sponsive- a park (Giy Lib. please note); doing out own washing-up.

hamper celebration. The film- enduring -friendship with her ness (she is just- as. hypnotic to and who ooh-ed and ah-ed with j n ists tVie same feeling is

: goer’s adrenalin flows and he girlhood friend Julia, which watch when Listening or react' dunful . enthllfitesm during the abroad. ' The Dalys and old

.rooks forward, , at least, to two motivates the plot is .illustrated, mg as when talking or- acting) switchback thrills and rampant Colonel Selbv and posh Mrs.

• - • , .. ^ ■ _ Vviit- ara ira<ioramniouon anri nor mAl/isivatVia.* #»F ...i ^ . .

: :r What he. gets m Julio is ope and a lesbian relationship. IWe haberdashery (in one for thd .btoofrand-guts Hollywood and our Avengers and our 1

‘.a half power-house performances * re supposed to be as shocked scene. a soft os. -haute couture epic there, were- no to-morrow.- days ih Torre mol inos: but ti

f positively creaks with worthy restaurant where they are .dm in- memory: the petite shrugs and chant .fot.the explosively- vulgar. ence..Of course, lngi-id Bergman.

‘ “old-fashionedness. but in default' of any -other head-shakes as she walks silently and here, he lets it all hang out. keeping her marvellous profile- ’

; Fr«A 7- . explanation df the girls’ strange along .a - beach during. ■ the as it -weije.- .TJhe film is almost resolutely towards us as rich

Wendy Hiller and Ingrid Bergman

graphical Kory by grave plays Julia as a -wild-eyed disappointment: but see it for clearly hacked tne story about to Whyte until Helen’s determined are confronted

g cn .? an t.taKen from her book Sappho of the barricades, all its one redeeming grace, the per- suit its own penned read fiil pur- kindness cracked the icc. 1 conflict betwee

Penammto} and he has lavished, dancing hair and forthright jaw; formance of Mias Fonda. • poses (the novel's -writer wanted should be-;surpried if Waters of are making ti

such -redundant care on its old- an d Jane Fonda’s Heilman is so his name, removed ' from the the Moon: did not draw a lot of ? n “ pe°PJ? w ™

Mri" to the boarders at the Dalys, we Switzerland, Mr. Winterhalter, genarian colonel, but there's no
iJIS are confronted with the eternal the Austrian refugee with the real individuality in either per-

V ^

I Oh

slyie Hollywood production crisply. acito 7 teauti&Ij We Rnh *f Ardrteh is almost ac credits) aiidttie episodes are DeouTetothe Hav market to best of things. go on; but a -Utile of the resent- Hiller Sjvw her mannerisms fun

iSete WmpariB0 ° ttBt one Wonders venerable - an old Hollywood thrown ' together- In such .a undergo. its tender treatment The Lancasters’ kindness is j 5 ®JjL a g a, t nst the r,L ' h . baS been b^^.n^^kL- 3 rirds^m ".? 1 brid-v

S ZdSrt what on earth they ever had .in retainer as Fred Zinne man'. HC haphazard way-^ow a- joky it matters little that the tale constantly resented, though their ironed out h-,nd

ffit -“ e . common to begin, tet alone directed his first film . In 1953 episode vrith two pj^wtUntes, now we once thought Cbekhovtan oEer of half a dozen Perrier- Patrick Garlands smooth pro- nj "™- inn . hr .. %e fnr „.. c

!oh« Per- sustain, a lifelong friendship.. an d has since bteen. busily turn- a shoot-out in a park— that they turns out on renewed acquaiu- Jouet for the New Years Eve ductmn and Alan TagstV pretty. I jm a pu>houi Tor jins bvr*.

fonmanees fight Mosmg battle zinneman.,, -eturdv studid^oro- ing out movies at the rate of c ° al d be, shuffled around in any tance to seem more like a serial party is accepted, so allowing realistic sets suit tne middlebrow inon whau-ver she doi*. This

d feSSKS hS its ^deenSS one a yean attracting interest order- and still not change the story in a women’s magazine, or .repressed reelings to be revealed tale admirably. 1 would say that time I ihmk she is perfect cait-

SSKEL S S B b iS.R been ml? to m^thf and respect. If -not • exactly impadtmf the film: But the film that it has little in it of-w.it or and giving Frances Cuka as most of the playing is- adequate - m? in thc part . her radiance

de^p-frozen sixice the J 950 s. . IJJ affection. P for his rough.and- is ‘Strong op. vitality^-not a profundity. .When the Lrdcm- Evelyn Daly a chance for a drunk but little more, ihougb this is addi lhat clcmenl ( , c exagyer-

^Starved of good roles for- S^iusDem* w 5 S.*and a tumble hymns to American negligible virtue«i-imd it has a ters’ Rolls skids into a ditch from scene. The final mood is one of partly due to the standard nature ufa!cn indica , e ,

women on the cinema screen, [Sie SSlbut rt aSPhS itl machiimo. The Choirboys -is a host of- exreltent performances the: snow? road, adding Helen, resignation. The Lancasters of the characters Dons Hare. *- te “ " h J“

Fnn H a on A Tiprfcn-ou’o 4 i«vp nf lltUC 1 HQTC Ulli It - SJSO uoB. IIS « ifeAM miaVi Pkn^lu.. n . ^ TATiaHn rlnua nfF nhthicip .Tnhnnt' /Paul fr»r PV.’inl nlr* i*qn nliv n min mnn ItOU Itt L'Jl't* JUG liU-Ji

YOUNG

shots of the Eiffel Tower?. And the Los Angeles poll A. 'who are are ■ mostly. /Unexceptionable—

.S .-m !*?_««•' “ 3 * tart •&*** «“*«*?.•» SaSSWSSfSA* SS. SSE

'SSr-Sta' ***»* St John’s, Smith Square

MMVaSiR,S« OB -her facewmkiff it, asuio- -variously wili faockabout HIM thrown tofetie#. , ' / V ’ ' .

U' ^narlu MrTnLZrtJl ■•S? ***' 00181 3a ™ F P nd a be forever corrupt -or sadistic— that mspire A ^

!hi» 7 reaOl£Sv livin' Pictured in dreamy soft-focus? about as much confidence In the .DroledeDrome opens at the IvrllSlf^ TrOTTl

aSeSf SeenoTa? haa' The . film-- .IS . overdressed «and integrity .of -the American police Academy Cmdma this week, in a IViUOlV^ lJt W 1 XJ

nnder-th ought. The .cmematic force as The Towering inferno r^vivAl dedicated- tb the memory

A11E5 nflluldu !> memoirs ann _.VI /<c _n ,L. «V*. »I<11 Of thp prpal Vrpnch ciruiwritw - . ■ .. . i. _ .J:

Oxford P 3 ay house Studio

Music from Surrey The Four Seasons

me auinorsi aixBum vi now, at • r?-»- xuc uuu u>, uut lu-^ui luu uuc Yt^rtnpraViin urlth ‘ — ,T.~~r"

the urging of her anti-fascist There are some, films, how- a point -updo - it a mixture of the answer sedms to be: because cultivates

Tull, .ch, miiMinlul Mn<u» -Mo.. 41..4 m/.a* ultMins uiOhA'iwmlHna Anil .*4 “V s th«v u/Brp Ahlp at a tPChnir-al American

:fisp performance of the choir- Wesker's The Four Seasons is of the County Council, are not
d-brass Psalmos by Odaline de a two-bander, but still fits into touched on. What happens to ihe
Martinez, a young Cuban, who the Playhouse Studio, a room in magic city we never hear : but
[tivates an open, honest the new Burton Building, only Adam and Beatrice find that thc

30 ?**

, .. aa miaaiasii, Jim auunui iiwib n 3 piiiacv 1 1 utility, a viaiun muveu IN III a WOriU U| mmamiC a SCrillUU. »ir. JLIUHL'I! 15 SJipn-

ka v rtcb Musical life In Surrey, balanced upon the threads of fantasy. The Four Seasons foi- like in his youth uni) slender-

i)W

ndiii !

SR-iaif-fei

yW {■.£* ■ t\,

fete

annia vkAn ha flAtd, h<% "IV iu wuusj. u |W u ii.s uiivaun ui IdllldBi. A fie r VUT O OISUKS IOJ- IU»C III UIS VUUlll illlQ Sl-SHUCr-

e /c!!f wbere tte coni P a ser Reginald spun steel. Martin Hnghes. lows the emotions of two mature, ness, and might do more to sua-

fj ’ jSSJJIjS' wShln. thl Smith -Brindje is their professor, another Surrey teacher, delivered married people who have left cesl that he has a wife and child-

h/nitar fn K bJr e 5 nriIS “lil? be e 1 JEC1 . t,n "- . . ^ sol ° P Ia P° P art of Messiaen's their respective spouses to start ren at home. He even cooks his

S^hL^ls^^R^ubsti^fnv t The only imported performer Oiseaux Exottnues with brilliant a new life together. Their Vvru apfetetrudel as If be were com-
Th? ’ flHo ?!. fi, 1 ? 2 , Ros * ^ 0p,e ' w t h ?l e vividness, hectic and delicate by Oum and Golden City expands the posing a sonnet.

Sl-rSiv 1 in -^afl t ^dirmrtion^— * iv £* y - of ,; lhe ^ rns and alW 3 y s hlcid: su P erV> o°tion m trrms of an ideal Helen Atkinson Wood, on ahe

EiSllSd. imooe^ 'ot£TriuSfr Shostakov .‘ l l ^ h CeUo Con^ planng echoed in the raucous metropolis for a socialist other hand, emphasises Beatrice’s

Smt mS K i WaS cf r,t ? securely by a ^an skirtings and thrummings democracy. . maturit)'. I suspect she dislikes

rSniiiis t 233 u 1 « and JJJcaartaaCtfn 1 ra ns hand! Irng of of wmds and percussion. Exotic Both plays deal only in Beatrice: she is much best in

Hforefi? mfltaSn f JeaSSerS 2 « p «T{ and “ajehed fowl for Surrey, but very imagination. Practical con- the scenes of shouting and bad

^ndSk>v^l a t the £ 2 “ 8 ly. by, the girl who played welcome anywhere siderations. like the existence uf temper,

climtai pfeth^bffSfe firS ^ bo ^. Mr ’ B"™***™ . V . ^ViD MURRAY mother people or the requirements B. A. YOUNG

I W i prospect at r>« «. u

and disguises,'

Alas.- one wotad’-Hke-to^Wke-the
film more than tine does. But
the absurdities' are laid pn too
thickly, the wit tdo thinly, and I
suspect that M,onty Python has
forever spoiled us for this kind
of early experiment in. nonsense

mmmmm

GUIDE

01-836 SI 22.' OtO VIC.

OUENTIN CRISP

MMS E2.So. nc glass at xlne.
<» WEEK SEASON ONtY

PROSPECT -A1 THE OLU. VIC
Serins season Jan 16-Marxh 2S

HA MUST

CC. — These theatres accept certain cpwit
. cards bv Telephone or at the nbx- oBict.

OPERA & BALLET.

iii.y-i

humour, . Prevert’s genteel coliseum. cr«nt cams at- 2 *o. S 25 ft.

scrambling of logic lags' far . e £ 3 *SH , ‘^i T ioN^ opera wjV « t r -"S' r 'g nii';i.-rT M

behind- the fanfitical unreason of Tooibm a Wed. new 7 . so Pwerto; •, dri nk ana smoke in the a uditorium. |

John j Cleese and company., and iBTbi J % SSSS We ” RTUNE - *SS.‘ 2 lo*.AT?o a ’ hurs 3 ' ; Jl!

there is. a dreadful feeling of Art li 4 * fwavi \M«nei p*»i a ir is miss marp^e «n i phoinia

Cl-tE et LU I. CC. 01 - 4 S 7 26 IQ.

Walkers Court. Brewer Street W.l.
Twite. NIBIU'V 6.15 ano 10.15
PAUL RAYMOND preSenU
PENETRATION

An _ erotic adventure in fremn porno-
Braphy, GooQ-looking men no women
pcriorm various permutations a- the !

ALL FOR LOVE
5 A 1 NT JOAN
ANTONY ft CLEOPATRA
Tonight ALL FOR LOVE 30 .

Seats available.

Ne*t Sunday 29 th at T .30
THE GRAND TOUR witn -sla Blair
Julian Glowr Dereh Jacob, and
Timothy West.

wm

2S 76 1 6 . VAUDEVILLE. 836 S 9 BB Evns. at 8 .
TIC ■ Mau. rjfa. 2 . 4 S Sats.-SandB.
i 2S I Dinah Pheriaan, Dulcie Gray.

Eleanor Summertie'O James < 3 rout- -
A MURDER IS ANNOUNCED \
THE NEWEST WHODUNNIT ;
bv AGATHA CHRISTIE . .

l - Re-enter Aoatna " with Artotmw 7 Wte-

30 . r -i-rntt n:t Aqaina Christie Is sralking

the West End vet again mth another of
30 h’r no.-idlshlv ingenious murder mvs-

Blair tenet. Fobs Barber Er. News.

ALACfi- „ 01 -as 7

Maa.-Thur. 6.QQ. Fn.. Sit. 6 00 »nd 6 40

JESUS CHRIST 5UPERS1AR

. *'1 ./ . ... available dav ot performance

about-the film as_ ifjjs makers COVEWT garden. cc.~ 2 -to 1066
were concerned less vrith making iGm-amth am? credit cards us saos;
us laugh than with introducing - ToniBht-ft^o^f f«i> m.i

'. AGATHA CHRISTIE :

\ MURDER AT THE VICARAGE
\ Third Great Year

us ladgh thaii wilh introducing :?4v nOPfm tu* maJ^ RR I‘v K theatre. ■ 01-036 «oi. june tago" ro'iT“occtricb k'.W'cnariVs'w''id“DT«3Go. '“Bniiirni"

J™ ,*■* f ilE-M Eys a.q Wra. Mat. 3.0 Sat EISA 8 30 in the Chichester Feshyal Tneatres Guardian. A|< scats il.SO Ao*. bkgs.

us to the npprovhig neiigbts of jiel. martin, julia utton production of Ai a *vch.

Dadaism: '.But' .there- is. some JSS^-WSS DA X ,D flRT »„ a r h fl e ftOBIN BAY ' R“^HS5 *$8. w emeley T mpihe pdol ~ ; 7 Fen. 25 :

compensation gl . least IS the Orea™. The Four Seasons. V BRILLIANT musical "OutslandlnB revival ol buoyant stiaw." J ,A J?.TiiJ?45! 1E

performance^ p^ticularly in J5 u '2- 7 h '? t3 “ .a* s, m^ 'jw's'ide* bv t so^dheim Directeo b» a 1 p a T t pi c 1 ? 0 ^ a k l a no s ^ rh "? s Pf“ 2 c trv' °- tn.

those: of Michel. Simon as the f4m io h A “ « d^ a ln ^ ^ 1 - MM 2 dav> Mutt ,0 V. iJ 2 .oo a %^ w and T »

rS S V 1s ,St WS 81-437 1592 E v,-nWTT5' Openno March «? , * 83S aB ”’

imperiously Scatterbrained wife. *«'*« * jsfi£ M AMAN i? V^| 5 E n D j0 y h ^r Q ^ nti n I rh S.»A B t5S u ^o^s C3 '

S&. J^o b^M M p,'^Vo, 0 E LANTHE - hv°°M M ,f SS; l v KS 5 n ! -»*££”LJ ™1 fg!-"L

The Bert Comedy of the Year. P «yR AI *!jKL Y ' f i 37 Creor: earn fikg. DR AKE-S° DREAM

THEATRES Lest 4 Week s Ends F«b 1 ® • 036 396> t6». Sii.J. Torngnt 8 DO. I England s Cieitest Musical Aaventure,

ADELPNI THEATRE, CC. 01-836 7611 . GREENWICH THEATRE. 01 - 86 A 775 S ^ T °,Tf«r» 5 ”^obo£c'^ ! "^tSAiaa. ' Fin Tlmts. "Manr Merry

n -X/rTiDD A v v™V ? * l «"*'“ ON : 'c O m 0 efi^ nd ^, 1 a^””- ff5K _ ^2Sf

D ■■ JYI U ix iv A 1 ANDRAC-Y COMFriv^ t pJilS ES hiM'V en'erla.n'no ’ Pgnrn From F rt ' -5.0 Tie buisal.onaf See Revje ol the

. D RACY C SS?M? V - S - Peon,e - . THC IDEAL HUSBAND by Oscar wide. I PICCADILLY. 437 4506. Credit ::rs rags.. Century
IhCTAMT r=r,.-, iTai^F— w,-™ u.Y , »*• J*?«- F !«"l ' Mon -Fn 3 I • Om THROAT.

md*!™.. • Siit'. thaws- ie cftmo ** Monln in*-wwn;ry. tine iyncooa-

Daaaism. .But .mere is some Hons. 7ues. & w*d. 7.30 - m. The
compensation St least in. the Drwn - M ra^ROYAt e ora U R a S m W!S -

performances: particularly in Titurs. 7 jo n.m. Aciadne -m n*jk».
those : of Michel Simon as the £ *£/“ , " ff?' nff afe

PHOENIX. . 01-5 !6 36 l 1 .

T'nt 8 . 0 . Tpmor. 4.30 £r,g 8 . 0 .

KEITH . PENELOPE.

MICHELS KEITH

NICEL STOCK

JUNE TAGO ROY OOCTRIC6
in the Chichcater Festival Theatre's
production of
THE APPLE CART
By Bernard . Shaw

"Outstanding revival of buoyant Shaw."
Daily Telegraph

Directeo by PATRICK GARLAND
uas: 2 days Must pro 5al.

VIClDrtlA PALACE. 01-834 1317,

T-nt. 7.30. Tsmar. z 30 ft 7.30.
Evqs 7 30. Ma: Sal. 2.30.
BASIL BRUSH'S NEW REVUE
»l*OM ODOM BERT WEE DON
BOBBY CRUSH AND STAR CO. *

• A true family show." D. Tel.
l J st - oats. Musi eno sat.

WAREHOUSE Dor mar Theatre. 836 6608.
Royal SnaLeiccaro Company. Ton't tumor
5.00 Charles Wood's DINGO. '-Br.llianl."
Guardian. ai< scats Li. SO Apv. bLBs-
AJdv/vch.

r 3 i .WHfciM

Yanessa Redgrave and. Jane Fonda in ‘Jufia’

Franco ise\ Rosay as his Ay ®- .|&J L v - giSS?- ve -
imperiously Scatterbrained wife, m ctiben & suiamn. a™ 7 so ' Mai :

Sat. 2.30. Until Wed. n«t. -OLANTHE.

Feb. 2 to 8- H.M.S. PI hi A F On E

PHOENIX. 01-836 8611. [ ^n.ioren ana Seni;r C'ts. nail price except

Opening March 1 i ?**; Z* 1 ** =>• Pav ai bPors. Enauines

FRANK FINLAY- in | _W2_1 234. >o»CiceS car nark.

*1 fc$i Q* wi“' I WESTMINSTER IKEATRE CC 01-834 0233

KINGS AND CLOWNS I Evgs. 3.00. M.it. Tnui- 3 D Sat SO Ann

Reouceo price previews from Fob. 17. I Tickrrs L1.30 i-i £4 no 8 " D

WEMBLEY EMPIRE POOL untit Feb. 25 .
LAVISH PANTOMIME
HUMP TV DUMFTY

"Steer ssarh.irg SPefUCie.' D. Tel.
M-jn. to >«l. 7.34. Mats. Weo . Thurs,_
at 3. Si IS. at 2.00 5.0o and 8.00.

Oiioren ar.j Senior C'is. nail price except
Sat. 2 aid s. Pay ai dunrs. Enauines
402 1234. ioacioji car uark.

Festival Hall

London Philharmonic by david Murray ss mj i

. ■ . _. INSTANT CONFIRMED CREDM CARD H*Y w *PK r r.

Though Elgar filled most of music. well as its elegiac tone, viciotisly^ than it did in this beautifully. She did not deny 01 ~ 836 76n ~ — zm 8

last night’s concert by the Lon : Haitink's performance the first account The rollicking tune of the work its proper rhetoric,, but “s mm s 2 j mSS.fy 9 ?**l 'wendy^hili

t}ou Philharmonic under Bernard with & full, body . of strings, the. finale was restrained, and the she kept it in ctiol focus; In the Th A ra ™^cANb 3 TTLre^> B i l r^t n ?c B - „ 5 r BEK dojhs
B altink. the first . work was offered little in the way of point- reflective coda correspondingly playful and fantastical passages, 5 lionel bart s lc s dfrey hare

j^exander Goehris ‘‘.FugufLonahe ful emphases; -the continuity of sober^no _ retfospective heart- she maintained enough . reserve miraculous ^{Jsical. Fi» .Tim«.- wate«s n df the

notes of the Fourth Psalm." the Work "wouia not suffer Irom break here. A severely balanced to make it clear Ihaf for -her the " roy hudd-s .co'Mdid D«rfaHnaiKp.‘- now' book 1 !

&me readers will have, heard bolder signposting. The condup- reading, all in all. but not yet a heart- of the music lies elsewhere. m»™' " c«i*S( € ?«» 0 . . f r th?'w 5 ^ her. majestyV cc
lehr’s lovely setting of that for allowed himself to show a very moving, one ' io fls iyrtcaJ introspection. S^aWy' ■ Ev9i " 8 00 glyniV j s oh

psalm Tor voices, viola and organ much Snner hand in shaping ~ - Haitink accompanied- -her with self lucky td be able to see -it lee heii

w Radio 3 a fey nights ago; the Elgar’s Symphony No. 2 , though V . "U customary .Faithfnl -tact, and AC fi& b&k, S^rdugh ma. _ "cSffl ewl

i nr wsi uomrirp or me rear. 1 iTS 7 JW T Vi ul - DRAKE'S DR£AI

£5 _ Lasi^ 4 Weeks Ends Feb lfi . aj6 39 s - ^? l A m ..Tonigm 8 DG. J En^lan^s Gi vitas: MuaIcjI

:. 01.836 .ren. GREENWICH THEATRE. 01-8S8 775S | °LAsi 3 PERFS ; ' E* N-^ n, “e«uw'!

iiic&r "OUT d '°' yn»‘l Ja " 23. Evgs_7.30. __Mars £• i s . I ROYAL SHAxtLpEARECOVPANY in I R E ' ESfinda^j

Tickrti Cl. 30 ia £4.00
PAUL JONES in
DRAKE'S DREAM
s Gieilost Mulul Aaventure,
l, " Fin TlmLi. "Man/ Merry
E. New,. "Bouniing Vigour
E S-.andara.

in me “is

INGRID BE°CM AN
WENDY HILLER

DEREK DORIS FRANCES

GODFREY HARE CUKA

r rgm X HM MW -HI H I --- r ,nnw»»,

p in . 581 -f-fSajua’S wed. 3 .8 Feo. it 7J s -?a® Book Now: Limitea

-,> 3 °- sare - Roya* Siiavcspoare ComM n > <n se?i.n 3 wn«k vtaion or.or to World

BEST COMEDY DF THE T FAR ! . ;

..„ N PRIVATES ON PARADE 1 WINDMILL THEATBF rr m

• w in tw. w L N™tM AT ?t B ^ o§ c i»d 4 i?oS 3,a ’

®s»,3isstS5,«

WATERS OF THE MOON
try N. C. Hpitier
NOW BOOKING

wj-y.ouiu d ■ xiisma a«v, u*c cuftAt « ojuikih/hj. aw. ur™ 6 u ■ „ „ his customary .Faithfnl -tact, and AC Sow book ing'yh rough 197 a.

Fugue, which circles around the for him it too was a first per- in -.Elgar a. .Cello Concerio. The alkiwetf her last serene declara- aLd wych. a; 6 ~~ b 404 ~ i m ~a~i?

•iufiuir. waiL-n cireitts aruuuu me tur aim it tow wap a ujai [/«- -- — = : aiiowea ner last serene aeciara-i aldwych. b:6 W 04 . pitj sse 5332

same plain chant, is to serve as formance. The heaving, exuber- aristocratic poise of hei phrasing tioii-to count as summing up the! »oyal Shakes p e a re company in

bridge to yet another' piece-^a a nee of the opening was strongly matched, its autumnal grace spirit of the work. •
thntertante. Rom anza— stemming controlled, with the whooping ' ^

ffom - the original material, horns kept firmly in line, and ' - , - '

Gbehr's latest music is no longer the .chill shadowy of the develop-. WlSttlOre Half - • 1

Serial, though It remains marked ment loomed in sharp silhouettes.

HER. MAJESTY'S CC 01-330 . 6606 .

Fvrgs. 8.00 W?d ana Sir 2.00 and SOD.
GLYNIS JOHNS

LEE MONTAGUE HELEN lINDSAY
In TB«vr£ RATTIGAN'S

•• CAUSE CELEBRE

- RATTIGAN REVEALS HJ« - ASTER Y.”
ST. "A «w*Hul drama.” E N.
“GLYNIS JOHNS b'ms brinian'ly ” DT

I ,?? 5

PRINCE OF WALES. CC. 01 -S- 3 D SSfll I THF t nriTii- .

Monday to Friday at 8 a.m j ER ° T 19— |RP5 RI£Nlc OF THE

Sat. S .30 and 8 4 S Mats. Tnurs. 3 0 . .. MODERN .ERA

"THE STAGE -,S AGLOW ' ? “uar ^codBir^a hmits what is

Daily feienraoli. wrmijs.bip on oar Mflgos." erg Ncwi.

RICHARD BECKINSAlE i v ®" n ' a V drink ail’d smoke in the

In 1 ; Audiror.um

ft LOVE {y|Y WIFE 1 "™“ — ... — _

- HILARIOUS COMEDY MUSICAL." sun ’ $2%-, iG2s - « Cre^lr Card
Di retina bv Gene Saks wild ■ BounMul Saij. Mon.

RICHARD BECKIN5ALE

Invention ani xil v Financial limes
INSTANT CONFIRMED CRESI) C A«D
BOOKINGS ON 01-930 054 b.

6?6 3C23. Cre^lr Caro
ssp j :c». Sat.,. Mon -

First night tonight 7 . 00 . Tomor. Mon HER MAJESTY'S.

/ ?0 Congreve'} THE WAY OF THE
WORLD. With- A -MIDSUMMER NIGHT'S
DREAM inext Pert. Tnes.l. RSC also it
THE ■NAREHO'S* «see under WJ and a*:
PIrad llv and Savoy Theatres.

01-930 6606 .

Oo«ning March 2 B
BAUCE FORSYTH 1

in Leslie Bi-iCbsMf ana Annuity Newiev s i
TRAVELLING MUSIC SHOW
Previews from March » 6 .

Evgs. 8 0 ait. S-J B . 30 -Ma: wor 3 0
Ai.cC GUINNESS in
THE OLD CDUNlRT
A New PI 4 V a* A- AN BENNET 1

by that discipline, and it has. After the leaner textures . of | . | • ^ 1 * . J' ■

undergone daring rhythmic sim- the Mahler Ninth last, week, the - f 1 iT* , 7 r\Tl

piification. in the. Fugue, he Edwardian piusb of Elgar’s -senr- V-J CL L/JL Iv^xJ. diiVJ- LA-JL Z-i\J L J.

D, reet «1 ay CLIFF3 -,3 -WJLlI AMS.

best Play of the >»iab

Thurs 3. 'Fri x.id ba|. £ IS -nd 8.30,
•' ENORMOUSLY RICH
VERY .FL/NNY - twring New,

Mary O Mi'lc't sniy>n-h.r tomegv
ONCE A CATHOLIC
Suri-Ar*. tn ana rcliqtDn."

Doily Teioaraph.

MAies YOU SHAKE WITH
■ LAUGHTER.' Guardian

as js s. A »« _»* g S^. ^ I rS AB BfeS ” J

•' ■ p<r,ea jSsSSSkl Na "~ c i% ;iv ,w * y«g ygwft g. »■:# ^ jt g

APOLLO- 01-437 2663 . ErtSS BlOD. tygv 7.30 “"L ««■«."« Wi i -45 PAUL RAYMOND a-eianu : '

manipulates his three subjects ing : began to. seem oppressive. - - studentnetrats £i'. ■

and the plainchant over an even Haitink secured a rich glow for t-,. T>n'MT'NlTr n ' fill! apollo. 01-437 286 s. E¥SS h.od.

tread for a continuous quarter- it. but be will surely find ways - wUMliNlt tJ li. Lv Mats. * nfl a - 00

h Tn r ' principle, ft. vnried end Z I^JWffilSrS’SS

subtle tonal tensions ought to Larghetto needs to be followed A S 35 ! thJ ^ b * ?if‘ S& P r “?™ InVjS ^i«eo?y

mstam the momentum of the by a Schereo that whistles more gjjy 5 *e &£^mSk^i 1 ntiSSS S ST nS^ ^tt*

, Wngmore -"Hall od- Wednesday and mannered. \he articulation dirty linen

EllvahAth Hall • night cdtild have been a snblime of^ _fhe'.' Impromptu awkward M^aa'i^to Yawwav S:M S,, "F?. V flav l “nd

Kiizaaecn nail conjunction. As things turned Perhaps not Surprisingly; Curzop. satunwy _ ai r - w ana 9.1 s

Jmrrrcy: at £

FOMMY SrEELE TH|

"IS IRREhlal IBLE." O leiearaoh.

''A SUPERSTAR." 0 Exoroi* Fully AIR l

HANS ANDERSEN drink ana i

■' Dazzling sutcti:;. R'tn Colourful Must-
cal. Real Family Entertainment 1 E. Ntwt. rtOUNDHDtJSE..
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Aoents. i a iso at Doont except Sat.)

CRtulT CARD BOOKINGS 01-7i4 SSfrl _

,Ht erot'icSa' ° f CINEMAS

FlJ d'nn A l^ ^'l^we^udugrHum^ ' AEC -- 1 a 3 ShafTEsBury ave

BRUISH PREMIERE. OF

_ An61. inp. Ws. ALL $Ea<£ BKSLE

. It SHE lNOiRBOYS -At. Wk 4 . Sun.:
J 1.15. 4 3b 7 SO. Ln:e show Tonight

Victor Hugo's £ SJ * 11

LE 5 BUR GRAVES 2 ; IKE GAUNTLET IKI. Wl & Sun,:

Pr«entea by lc TlKaira »■ Quat-ipri 2-00. 5 .00 e .OP. y.ila >ho« Sat. tt.QQ .

Elizabeth Hall

George

out- we were treated to the most like ilw mature, Rubinstein,' is theatpc. ci, r in 0 x *«. o?-

accep table kind of disappoint- an artist who warms slowly to a. Ra .^ film 'ST T St 1

raeni: a concert which 'might his perfemanoes. -tests the air. I 60 * 8 .« 5 .

mSSsfiUT- «=^«ja?c 3 aiSsja? i

MISS ROYAL COURT. _ 735 1745 . . T,H?° 4 S 4 .N 1 T.i.uni's PAcre

GINDCrt ROGERS Iwnst S. Sat. 6 grid B. 30 . PAUKONE .if uFdnd Prize Cannes ' 77 .

and Special Guest star . World F:emic.-e«t I a * h MJ MT H.' 4 . 05 . 6 . 2 5 . 8 . 50 .

A g.REAj'KitNiNGS EnTer’iainment ' - : C r5^ffn haT? ^ C^urt^Rj, 4 T S,’- 13 / 0 63A n?fo'

WITH HOLLYWOOD 5 FOREMOST I Sff ai»g Theatre Umar;. . l -'■ ur, l “ > ' ,uSe < hj 7 0310.

bv NICHOLAS KENYON

have been sub lime, but .which tarts. Ws- wav Eradually into the
was -instead just very * good music;, as often w riot'' the play-
indeed. in S caD take the whole of a

BEST MUSICAL -OF THE YEAR

EVENING STANDARD AWARD'
Ticket* ET.50-E530. Instint Credit Card
Res. Eat in aur lulty licensed Res'aurant

The Gabrieli began the even- concerto r . first- movement- to SifiTco# I l m 5 £ «S 5 ^ B ^b 0, ’wK

■■TOTAL TRIUMPH." E. Netvs
EVENT TO TREASURE.' 1 0. Mir.
IT FItL T>lE IYRIC FOR A II
YEARS."' Sunday Time*

’V • - • ing. alone with- Schubert’s Death settje v And maybe^e .could take ■»«* »' m * 1, -®«*«wnaL Jmn plow r>ght

" ani the Malden quartet UR] 6, hi^-bncf appearaoce a# just that: “iirteetion*. a°y«iij9 looc-sammng ana *nd pzincu nave* .n

? Were the majority of Scar- Instead, we were- presented with m. the Wigmore’s marvellously ? n . va e tB T S T 0 "iT?S n ' Br * b v £ C«iiit W

5S oo^ P „ s rr; d he una vsnsss ^ ^ T «w f SAJ? .a»

tyrkpatnet skill which he his the' ensemble s“ff. V ™Sr ”™" 'ATZSZ JTIK "Vj® ' e- > «' V l

fhtcbhas been happily accepted cultivated for a 0 long— as subtly before the end of the second *■ happy - performance, -""S '".««» Thi s ?°fTlocutioncw

Hhfli now. and is only just be* musical as -ever, though not movement, joints and muscles l?^ifiL I,eve L t00 ^ l. 0 ^ l _ nl ° . Etvts benSamin franklin

JfcnutB to be questioned. The always as securely in. control of had- relaxetL The scherzo and ‘ TjS'whleh 11 ^ EveSiNGST^No^ rd H aw^d -ouuaBeowN 6 ^ P^Profognaiv

reposition land Kirkpartick’s the notes as of tiie rhythm fi na i fr were TOUn a up a tian tjgiOM D« ^ich rt j hr. nwere *oMrtee PrwT^i" rrrm i V'^ h ''i «

^PPOicd chronology, -.-which- « (v^ieh never, a ters) fin^ smooth spring, every strand ^ Ve jy^h spirits.- ^nd with joy- cam*ridg«. cc. oi - r» gsos Mon ~u mermaib 2 « 76ae“ rmi. ju zsss

».scd on the order in which the But m the. quieter sonatas _an neatly kruf. not a luminous per- { , T . n % r tian . y s.as b.m Mq ' , q 'avy 8 iQNtWr'if;

Btiaias were copied out— no unfamiliar Scarlatti and Mai- formance, but a strong, and ■ ••* ■•pulsating muSicS?- Fvq News- |n harS’y neilmjn° le *

gtographs survive) looks in- cobn "7 waR ' .*5® r JJ* bright one. in larger span as seat T 2?kS e£.oo T 4 m A ts oo - a winner/^oT M.rrr.-

^asingly unlikelv.- esneciaily and _ beautiful ana K144, _the we]] as in contrapuntal detail s P\nf’ 9 , 'frv?m£n in Tti«^ otwr ana too-vntt aar toe s»« i«mi etss-mso comainM
«ft^r bearing such a ^de- broad, yearning sequences of the cUarind well-made. cv ?. Ld ^yP^ 1 in JUTIg cgrrER.o i ^ mffWSSSSRi' W ’USHki.

w»shig selection of the jmnatas ? minor sonata ^87 fsurelyttls It seemed an odd choice of - firite. ffie'muBldd by Tim Kice **"**8 . 200 ^ OM ;rTH«^ 92 ' ^

stayed i ast nigbi by George Mai- » a. late work l),.and. a group moment, straight after the last and ftndrew-iloyd Webber based “ !««*«*« IrZS ?” " so" T,m o& ton -, 7 . 1 o rS 255

»lm. . ■ of pieces in ihe unusual keys chords .of the D minor quartet on the. life of Eva Peron. wiii ■•hilariously fun ny T " n. t ; wand. diSf «>»

i^Tbe inexhaustible variety of of ' C sharp and F. sharp were and just before the interval to open do Jone .21 dt the London drury lane, oi-stc eioa. Emt lyttelton ;D roKenium Haa« tou t
«ari»tti's essentially simple all played with a simplicity of introduce Clifford ' Curzoo— who Casido which « l^jng converted "i" 1 ” ^ 0 “ wE 1 "®' v,ma ' un6 rtoi* *f 7 2 s ™ £ u * 0 w

AOKEOI tVcNINu > txi left I A I N MENT - c „„ . r , ’ 0 ‘ r3rs Ta'lrnha-r, Ctlurl R.-> TuSn i KTA nyiS"

WITH HOLLYWOOD 5 FOREMOST I S fF Jl»g T tcjlra Unur;. . ,3 - ,tl " ,a:n '-'■ ur ‘ R£ '- IuSe < hj 7 0210.

«S§k CA N L o5r 0 ^ Wl 1 "S^ L "f nurl „ c S tZjVzn™*-' ^‘JSi^ft^sKSi

LOSDON VALLAbiuM.-cV 01^7^571 i ™ •%? E& 0 ?i«W JT" “'S? V** lUi -

THE TWO RONNIES »..»S.' > . n i ! .2. n 1 “Ole i 2. 'HE HiJtNu PtACt l4J. Sud. P t . r |».

FROM MAv 23 to AUG IB. 1 BUBBLING BROWN SUGAR *-0“ : uD - 5> no -' M P m.

rvaTr'njc — ; — ■ , , “ Ml ol 1BT7 - ru*.ki«i S RbMA •»>. Italian Dialogue

Matt yjE* * 0 T - J 37 3fi3S. Eirs. 8.0 fg*. pfcgv i Kgpw o. Mdior .trcoii • iardv ! — c-rm 1 ' >at>-rnie^.

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JOan plow Right
COLIN BLAKELY
and Patricia Hives >ik
FILUMENA
By Eduardo cr Fli'oco.

DlrKUtfl bv FRANCO ZEFFIRELLI.

-ma? i % * i tbs«? kVc ^ oN-vasr?

AIUNDRED J-m-Jg r-JJV*. Cn», t ! SS-S^tt.'HTL,

bookings Fcceoteo. Last 3
ends Feb. 11.

MiM,uaw uwni'r ...u inr i - V.- . _ _ »

4 whence dannm* In the ahltrs This GOPDON. CHATER in

‘ Ehrts " 15 marwHrms -iJs. sSoVcti • TH* ELOCUTION OF

ELVtS BENJAMIN FRANKLIN

REST MUSICAL OF THE YEAR _ „ 6Y Stcre J SsjearA

EVENING STanoard award* OutraBrewiy --unity . Profoundly

1 he. before Sfinw a/w arguable ‘oo-»rler moving." Variety.

tltHB E2 5Q. Previews from F<o. tn

Direr lea ay CLIFFORD w»LL I AM “ ” 1 "f!'i D 1 3N , W F1 L X| •Palish

Ml .n a clouo at 13, Wim fclgTnVr.na io VUR-Hi'a.). n , A spjrk..ng New Frcncn
eno ■■ S. Tim«. RSC aha ’j? A'dwv'h ' Cemissy O'!*-* 8 ? wl,h hnesae bv Yves
and Piccadilly rie*tr«. Cvj.i £w ! c“ u j : 45 l ? s /S w ; Pr8 *\„*‘ 2 -o0

bookings tueoteo. Last 3 wem 6ni»n ! <r,BI 4 3£ - --ID -

enCs ptb - 11. | LEICESTER sGU A HE THEATRE <930 5£52j

SMAVf. nr.Tge'TS94 < W A R5 1 £»* 5v». pfOSJ. Dly. 2-00.

Evgt. 7.30. tNp Peri. Mon i Mai* ‘ a ,£ 2 " JS , L i’ f ' hin - f rl 11.4S

rues. Thur* zV, .. 0 ' Mai*., n m .Scats eWhu. lor 5.15, ft b. 35 grogs

AN INSPETOR CALLS [ iT MURRVl A,LA8LE F ° H MANY ’

.. u *!'• J 6. pf'Mtiev - j rzri* ”4^.--—— -

H'OTiv Entert aining." D fei. I 09£ON LEILS51ER square 1930 611 1i

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THE POINT

“A WINNER." D. Mirrry

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A OtOI.» l! °M«. F |Sj?- M M l ?rt Inr*?"* bV FeVflMU ,rl " ! b ’' — _?B®“ MON. YlhJCEMILL. Prcos. 1Z.S0, 4.1C. 7.40. 5>e ShM

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Nud.w*tt tSZSZzv TrtMnnii 1 js*sa \ ^ m «&««» thc pink muMSe

Mat Thur*. 3.Q0. Saturday” S 30 I fi 30
NO SEA PLEAS 64—

„„ VYE-RE BRITISH «
WDR*.Da GREATEST
DAUGHTER MAKER

Eaaii may « . aookad. Doors open at
170 4 JO 745 Lare Shaw* F,ih &

4m» Dut-rh It IS.

•U“"*y*L “ 1443. Cv« 8 00 '

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NATIONAL THEATRE.

0:IL0N MARBLE ARCH- i72S 2011-2 1
AUDP.BT hOSE AAi Seg aragi w£,
2 30 S 30 a.30 Sun 4.30 8 tl"

lale su.-w ,fri Sal 12 00 p.m.

p-.INf'e ' CHARLES Leu So 437 61 B|'
SALON KIIIV XJ Sep Pent. Diy-
-int Sur.l J.hS 6 IS 9.00- Me Show
F- ft Sat 11 SS. 5cats Bkttie li?3

■ t, a coumiiaii, uuiyit — t * ; , _ ,7 , ,v .. . T ; — — — . . ; 7 .J* —

™ary farms was stressed- bv regsitration which enabled them amved on stage, like- some into a J full-time ■ theatre and
-fforge MalL-oirri’s stirvev and bv to speak directly and powerfully, mysterious agent of Radio 3 Con- reverting to .its. original name,

'flic ■ . * ‘ .. _ .* . >.l! ' ..ta* AMff -ft n All w Afte'aM G*J«ITNnJ' fYlL^ZhuA 7 ft

perforraanw, but stylistic

aifw vu; sv: i*aviv

5 ™.ww»ces rarely, seemed lo‘ cor
**pond with - chronology.

“ VOTED BEST

OP Jg?P COTTE5LOE Mnall audnonu-nl Ton-i B .
S36 BZ4S. Man ta Thun. Tomor. 3 & 8 HALF-LIFE b» Julian i
*15 "ana 9.0D ! MUtneU ;

rwlitnt cheap seats all 3 tn mum I

Seta E ”' 7 ’ 30 ! SCENE *: THE PINK PANTHER STRIKES
HE - AGAIN .Ut Siir -Thw. 1 .30 S 3& n «

**I ; F" ft SaL 12 40 4 4S 0.45 inJf'

• have I wen, THE RETURN Of JHE.PINK pan-th e „

Car o«fk. Rwjiunn, 32a 1 nn Irish pl»y that niitsmn :'me • Mien . >Ut Sun -Tnur S 25. 7.30. Fri a el?
Credit card &k«. 92B 3052. utWfhited Ploasor*." Gdn, . 2.35 6.40 10.40. ■ r - 4 “I-

;.-S •

FINANCIALTIMES

The German Economy • By ADRIAN DICKS in Bonn

Financial Times Frida? January’ 271^

BRACKEN HOUSE. CANNON STREET. LONDON ECtf 4BY
Telegrams Flnanflmo, London PS4. Telex: 886341/2, 883897
‘ Telephone: 01-248 S m

A

Jr:"!

m ■: ,

V '•-'■Si*

• — -ssg

Friday January 27 1978

Repaying the w

■ 1 "* there is

rund =

Its'. •••

W EST. GERMANY will **ers. the burden of the annual chronically under-employed oFGNP. This compares, accord-
feel entitled to its due report :s that any fresh Grid* building, industry had begun to ingto the Germans, with a U.S.
share of the credit if . e . ,sms that the Federal Bepub- feel. the .benefits of the DMlGbn. deficit equal to only cue per
there is any acceleration in the Jl . c 13 DOt “doing enough” for < about - £3.9bn.) medium cent of expected GNP in 1973. .
measured pace of the Indus- , e ' wor 'd economy. — such .as term investment programme- - In addition, Bonn still has
totalised, countries’ economic !? 3 *. w J e ^. s *PPeaJ from Mr, launched last March. /There was hopes of enacting- an energy-

. . ."-j. w :-mjaaw:.

XTTTtty * yipTmitMn . ..-j. . . . , vwiimoui nrui nu L ; — 7 w w JAbLVis cui^ 4 ^» u b vauuai" c^wcuuuui c, rna

YESTERDAYS announcement depends largely on technical feel it is to blame. For Bonn central ..feet of current to. a wish among consumers to well as a series of measures to

that Britain is to repay in ad- considerations. believes it has done all it can. " est German thinking about beat the risp -in standard. value make it easier to start ;0 rf

vance part of the $4.9bn. which One of these is that a sizeable and should not be expected to ^ cc 011011 ^' Is the sharp re* added tax rates' to 12 per cent businesses, and to . assist smaller

it owes to the International Pf 6561 ^ sw ? Ue f deliver more. With an economy of ■ srov ' rt}r expected for on January i. 'finally .there is and medium-sized companies 1 ^.

'jfiS

■ A'

expected for «nme time The ■ nr^r “ 1 ■ ita activity on exports. West me rmance tor, as yet unconfirmed by the The projection of 3.o per cent. >. , . ^ ^u m L ai ,

expected for some time. The essentiaUj short-term character, Germany is as much a passenger Mmxster - was still maintaining statistics, that bank borrowing growth' Is, of course, based on Count Lambsriorff : powerless against the exchange rate.

TV:?*? 1 * 0Ut * * in thetrain as in SieSg tbefeasibUityef the 4.5 per has been sharpTonST^ the assnSpSontbat VlloftlS ■ -

fk*Li/ act 111:11 Fund needs reversed if the economic situa- seat of the locomotive wnt - °bjective which the pack- crease.- ' - ■ will -have some effect. There- . -

further resources for lending tion takes a turn for the worse. That, in short is the mes^se ? ge of tax ^ ^ other stlran ’ *** authorities have been are .those, such as the German Many Germans would asree. Yet members jobs, as West Gena*!!

22SSL LdZSLS 8 £3L*jm * the w«* &££> •*.» 58^'--.3s!^'. , “ , “i n “

while Britain's res
foreign exchange rose

reserves of It would be rash to repay I : ,uv * u t£ essase

ose last year medium-term credits ont of i ^p ntalned re the West German

The amount to be repaid now is terms are unfavourable, this 10 . rr
about SI bn. and will consist may make q case for premature °P ,mon m
mainly of the S850m. first credit repayment ' This course has F^? oeuvr f.
tranche made available in the already been chosen in the case lnffly s™ 311 -
spring of 1976. of three nationalised industries For the

. Straightforward as this opera- a ? as '

opinion SS^ttfe^wcir'S even muat J,e regarded 35 Ierels since the' mi‘il960^"but i*’ Per cent average dilri^ union side withdrew from to assume that the end of Co£

?rn?J manoeuvre has become alarm- “ “*«»•«■ Tt would has also avoided rigidity in the &°th 1976 and 1977. More to the the Concerted Action meetings certed Action means the end of

This course has j cmalL imply an actual Increase of out- use of its “experimental" Point in -terms of West German i aKT cummer to uratest aeains't the. social censensus in West

experimental

last summer to protest against

tion may be. its purpose may be well be repeated. Even as it is. I.?®

.c the re nav merits sn far cr-hc^niar) I ule

misunderstood in one of two the repayments so far scheduled ^ ^ suddenness of last in vestment programme, which is so “ e assurance of moderation tSJKlity of the new Vnrkers’ period of separate meetings with

opposed senses. WTiat needs to ^ t l when real estimated to h^e yielded onfere ^ the future, if -unemploy- i^Mtion lMSti^ungl Herr Schmidt and with ttS ‘

be pointed out, therefore. i« not J 3 " h “ lf those scheduled for dj ^ ^® k Sr* growth of ojy 2.4 per cent was worth. DM^bn. last year and is ment is not to rise further.-. .. Jet Sh comes into full effect Economics Minister, Count Otto

so much what it is as what u is ^ action - coSereni ofrenr^n EOT ?- wi ^ expeeted to Provide DM6. abn. „Af a result, the Economic Jn jX iT^L The St Lambsdorff. may now be the

not. In the first place, it does r?u rence °r Te P resen- forecasts in the 197 1 economic more in 1978. Ministry experts have now 7 *«.„ « harri onlv available substitute Y*t

Z IS. 1 ZZ, e :2Z?: Commitment Gov^V^„S° y ™n“s «' WJSS SSS/SSS. J?' of tax cuts |^ red tiie backing Pf the. . worT^oliticaf compromise be- everything pcunLs tu the unions* >

Es SSSS s: -s

used to the rauntiy's best today's announcement is that it may. prove hard to replace. In There is some evidence-at wrih mhi“ , wJ vS? 0 *' “rise ^by morTSSn 5 5 m? in?' arous€d P erfectl y « enulne an ^ r - " ot R’ven whit some -

economic advantage There is intended f «e the Govern- Edition a wave of industrial least in the view of manylop tifte y^ar^d tha?nrofite None ^ less - ,he ™P ressi ? n “P*'*-? Sf 1 :

such a debate, and Mme^of the menf frora its commitments to unrest, of which the dock strike officials in Bonn-that the posj the ftdeS bs g!5S scnw VS SS is alsn widespread that the turbulent spring, to risk their

possible alternatives— lW in- the Fund and leave the way open » the most serious manifests- tion altered for the better dur- by fres^ wha? faster— b? ill^ce^T— Deutsche Gewerkschaftsbund pro>ponty U i^ 3 fact of West .

creased investment abroad and for an electioneering . Budget, tion so far, ought to remind the ing the final quarter of last regional andEaiSLwJiw in order to encouraec huJilrAja! (DCB>. the trade union federa- German s.ociet.. that a feir of
debt repaymernltend to be un ft to ^at even in West Ge^ year. New orders for capiS S SSt ^ ««■ waj glad of an excuse to .nflation^ common to all groups

popular with the trade unions ^ room for considerable^ re- many, freedom from strife is goods and fixed plant from West should help to StTSS totS In practice, as senior officii leaTe the GoilCerted AcUon and classes *. |1 ...
and the left wing of the Labour ductlons }n the spring Budget never to be taken for granted. German business were markedly public sector dS in Bonn priTOtebr foruin - • * Wages will be the critical

Party. But the IMF repayment «*" w 1 ?. 1 " the limits set by the For Bonn’s fnends and part- higher than in the summer. The DM52bm. orabouftourSr^t may be n" a SMed by Professor Karl domestlc factMr ,n lBlS r h J **

is no rebuff to them. undertakings given to the Fund. , . * or 1100,11 ™“r percent ^ -™ na ™ ,n <***'* Schiller when he was Economics German economy. Interna-

But the repayment of the first I W feED JUI A MV ■ pea eAb ta ai w ' ■ ‘ V ^ the conferences had tiqnally it is the exchance rate ^

is no rebuff to

Concentration this issue.

a _ The Government becomes free

“ m ® t co T entators of its commitments when and if .
imnnrtsn? !° H at * lch 2 reaIer it renounces tlie standby credit 1
“P°^ Ce ^ dab t ^payment which it chose to keep on in -
the °“ d to ™P^ V October even though deciding to 1

SS^Th* l!> ■ pr 5l?K ly “ navold ' make no further immediate -
able. There is.Slbbn. of public use of it. The next occasion for 1

i debt l T C u 0f 11 re^osidering this choice would 1(

incurred on terms which now normally come in May, after the 1

look unfavourable! falling due Budget. And. thoughthe Govern- ,

iq-hJI tU c rit> * the yea r s Qient raa - v then decide ' to \

ui , 8 \T‘ ,? l( l of Jt can P rob ' renounce the standby, such a

ably be rolled over on more decision could be tailored more 1
h e r 0 t f n,, n sooner or to the convenience of the Fund

renaVrl mft l ° *“ tha ° 10 itS 0Wn - 11116 Sjtron S SU P*

repaid out of the official reserve port which Fund officials have

°f ° ut °f PVments sur- given the UJv. sihee the Govern-

F. 1 ”*®* vhlc ? ^ ortb ment agreed to its recipe for

should Pro^de for several years financial recovery has been a

P T ? clse manner in major factor in bringing that 1
which the job is tackled recovery about

(IIS Should; Re stresseAVriiiT^; become increasingly large and that will cause the most ptob-
^tm^SaSib?TtoW^ :n,nwieldy - Th ^ e was Httle Jems. Even if wages were to be
sent the two ?d« opportunity for real debate, and frozen, as the Government’s in-

with ^target M?tote5S tbo DGB ' S mild-mannered preri- dependent board of economic .
to keep it SsteS.theGov- dent - Herr Heinz Oskar Vetter, advisers rather unrealistically V ’
eminent prete to Sve iL 1,35 ““^plained that the meet- they -should be. a -

r s e^ve US- , u..j ?—+ further cl »pn n<#» tn thn rVMat*L-

Export Orders to
Manufacturing
Industry r\

The Rise of the O-Mark

ACMNST W GERMANY'S 22 LARGEST
TRADING fWRTWRS 3 ““*"*=’*

80‘- t - 1

W | 0 *lbn.

CONSTAWF PRICES
197 S- 1 N

Trade Surplus

, CONSTANT PRICES

140

|30

T

sent the two opportunity for real debate, and frozen, as the Government’s in-

with T toreet the DGB's mild-mannered presi- dependent board of economic

1:-^

Greece’s EEC
frustrations

Unit Labour H
Costs I

CHAWS OVERS MONTHS

opinion on what the economy 1nss had turned into an occasion further sleep rise in the D-Mark,
can afford, and to leave it tothe for everyone else to preach eoming after last autumns,
good sense and conscience Of the rastraint io Ihe unions while m^ht in the view of many

w«e negotiator's to bear this in decWnin S to listen to their case. prove 10 iH * tbe . 1ast

mind.) The chances are very slender straw. Such prophecies of doom

Yet for a start the union side that Herr Vetter. Jet alone the bave tw?n m3d6 hefore. of
in several major jndS« h« hMds of most of the ^dividual course only to be proved wrong
asked for’ considerab^ more uninns - wiH return to the Con- b y tb6 relative price in*
than 5^ per cent. The dock and certed Action framework. elasticity of many kc)- German
port workers. went ou strike on Fnr s° rae rears, the unions’ “mmn^ni^n

Wednesday tor rS - 'pert- cent- Presence there has embarrassed SJrf. S2? aa ii-SI5? ani S'h ,, I
baring rejected ^ ahr'arbt«ator-s their leaders, not only with the SnSS-JSS!. s t ’ ^ haT

award of 53 per cenTIG-Mefali; rank and file, but espedally with Sa n °'™ jS? “r ifi!? 1 ™ "
largest and most pow erflB'tif the the younger, better-ediigated ftirrh(4l f
West German Tinian s, js demand-- 8 e Deration of permanent union- miSaI. t

mewbers officials who are also responsible v J2 pnt mnfidS

. w . 14 4V4;iio lucuujcra «TUU aiou icppunaiULt; VActmant m

in . ^L m “ cb of Se_mUit.ncy evi- ^

the engineering/industiy and dent Tn the W«e ciain» and ? an * *

has- not -even $^own much will- rhetoric of this year’s Pay^ ^ Sst pre^es°at ^

ingness to listen- to the piteous round. . ■ cost pressures at home.

' Growth of GNP mo PRICES

1977

cries of tiie hard-pressed steel v«* ■* „ , , West Gennany can limp along

companies. ™ J e i fi unions ; « levels, on home demand, and to judge

companies.

JOINING TOE EEC, as Britain and political interests at stake,
learned by bitter experience, is Germany does not want the
not easy. Now it is Greece’s Greek entry negotiations to set
turn to undergo the frustrations a precedent for the opening of
and uncertainties of long drawn its frontiers lo a new influx of
out entry negotiations in Bros- Mediterranean migrant workers;
sels. and Mr. Constantine Kara- France and Italy feel the same
manlls. the Prime Minister, has about- agricultural products like
decided that the time has come wine and olive oil. There can be
to do something about it. Dur- little prospect of serious pro-
,n? - ”k tour a£ European press in the Greek negotiations
capitals this week he is not seek- before the French mid-March
mg to achieve any dramatic elections are out of the way.
negotiating breakthrough. He is. and a change of regime in Paris’

’72 '73

point but both. tbaFfte ranee ieadtao trnIL» n a r*!!L nUTS - ** «poHs to the economy.

of .figures- wlSilS^h. ^^ lV4 ha^^ec^mTYhL l“2 En «™ wth depend

raemtakespjace lioarrew, andexpensive in the world* -They the ^D-Mark. 1 ra *.lf- Cf

also thav fafctoncagy seen, gnod -are aware, too. of tS -threat which '* ■““**?

sense ha®;- "usralfer- -preTailect--thi5_ pZZpS ’tl iSl ^1 ,6e,S P ° WerieSE ,0

rate of ”

MEN AND MATTERS

Exporting
can be fun

however, asking for a general could complicate matters still A reader has just sent me a supp . ,y its un, '^ lj
undertaking from EEC leaders further. Italy, meanwhile ha* . SeDt . rae . 8 troni ^ doorbells.

undertaking from EEC leaders further. Italy meanwhiTe has 1 rae 3

KViiT prftrt ahetd Wlth its 0Wn Government crisis to ^vToTtoo^tovol^ ea ' S h C r Videomaster has banished the
tlie talks with a greater degree attend to. drive of those imolved in what Brrrine dina^ nn o and h,..

of urgency than hitherto. On his Greek officials have some- We are aI1 told l« the vital task frn _ f' • ap ? 1

first stop, in London, he seems times expressed suspicions that of boosting British exports. It nfFa ■ e . <aoo ynell- world and
to have successfully extracted tlie Community is going slow comes from the Department of o7 J 5 “ ltS P ace a c 110166 of
Sn««S» a< “ r ” Ce fn>m Mr ’ tbe , , a,m of “entins the Trade’s weekly magazine and ln ® frora TwtaWe ’

C *" ash ™- 2S5 — I- the pngnmme of «

makes plug-in television tennis
and soccer games, has just won
a JEl.am. order from tlie VS. to
supply its unique range of elec-

mere

Tenth member

negotiation with Spain and Por- Tu«d^* e ‘hd a 2 Flas ’ ** Marseillaise and
!“ sal . J, ater . on “ a proposition ^ Deutschland uber Alies — te

Mr. Karamanlis's impatience resisted. This is unlikely, given a wa * of foUowing up what the knob allowiim all ■uSTh-rf-I™! 1 brewery. Ail bad been reportec

is m many ways understandable. lhat “ost of the Nine view the magazine described as the sue- ^ be p [^® d U stolen over the' Dast vear anr

It is now two and a half years “J? of th6 other two countries cessful IMnonth run of the P ^? t0 10 W 'ItX I JEL5Z h J

since his Government applied "’ ,th Iess enthusiasm than export year which officially 8 The World 15 “° w ' J - li P 1 bad

to become the Community’s ! b f- v d ° that of Greece. If any- Sled on^ DM^rSL J "” ,r 0ySler ’ ' settled all claims on them,

tenth member, and 18 months Jb'^ the intention is likely to ■ — . - But the police are highly su&

since formal negotiations started ”5 q “? te ? he reverse— to push Ane fact that 1116 * vea r for ' ft pieious about the way so manv

in Brussels. And yet litCJc of ^ Spanish and Portuguese export promotion purposes con- Smelter Shuffle “Jim is working on a Eah- “stolen" cars have ended un

substance has so- far been ’resotiations still further into sists of 19 months is in itself . ■ . - . Backbencher pact now I” at the same spot and su*™*.*

fettled. All the main elements a P- v case, while an eye^pener to me. But the betwee ° Babram 0nd . organfsed finri TW ZT*'

of the Greek negotiating post- ^reraanlis is pressing for mo st strlkin- feature of the con Dubai 13 one of the -facts of life aucL_ They hi elieve

tion are now on the tabic, but ' mraedia ie entry, Spain and r erenee «„,%»,« fr3n «* rtF down l» the Gulf. Bahjfaitus < n d Ama „>i th ttc ♦ L a f “““ble to keep up

the response from the Com- Portugal are in no such haste. [*™" ce ttas ^e-frentic pace of consider themselvexthe pioneers P’ S ’ fc eir Jure purchase payments.

muniiy has been minimal. ,ta,L of industrialisation whife Dubai 2 lDWer fad may ^ ve been to drive

Following i he success of rhe IRpsnnnsihilitia* II started at 9.15 with a' full fill \ flUrc tirifh .*1 ■ • consumption requirements, their cars into the canal nmi<»

couple of years Sweden too has I
experienced inereasing political
and social ferment and a tough
struggle to preserve standards
. of living.

One indication of just how
tough that struggle has been for
many people emerged from a
Stockholm canal earlier this
week.

The city police have just
found 13 cars .sunk-in the canal
alongside an abandoned
brewery. Ail had been reported
stolen over the' past year and
the insurance companies bad
settled aJl claims on them.

But the police are highly su& -
pieious about the way so many
“ stolen " cars have ended up
at the same spot and suspect
organised fraud. They believe
that owners, unable to keep up'

muniiy has been minimal. * 4 “‘ u of industrialisation whife' Dub J “ USIT lower rael ma y N y e been helped to drive

Fo *!?£P J h * «"7*V* rhc Responsibilities . 11 s r larted at 9 - 15 ««■ a ' ful1 follows with something Wgaer ^ requJrements ’ ^ eir «■» *«p the canal. Police

anti-EEu Panhellemc Sonalist Th N| . . 1w w for registration and coffee ^ beftpr e w The Dubai smelter will also <*iTers are now investioatine

Movement led by Mr .Vndreas ™ ^ l ° -mins down at 10.15 t ^ t produce 25m. gallons of water other likely underwateTS,

Papandreou m November’s elec- refuse to be hustled into admit- t0 a n ovv -up Du t e of Kpi „. , n Bahrain, for example was Cret da ilv and rpnr^ntc u,h B * and baii^vo th B< ,.? Llles

IWIU Mr. Karamanlis believes tuns new members before the l c tJfp on 2L^ “ I off the ground withlbig 120,000 l - Z ■ 100 oars

That the need (or pmercss h. implications h,vc Keen fullyfv i 1 the , ronferen “ 0 P™- ton aluminium better and elaI ® e < 1 first mdustrial "V hare disappeared in , he

Brussels has pronn evjn n.nre JLd. Thev ha^ howev" T ™ Picked ta LhSSk as Pr ° je,!t ^ enible 100

urgent. He wants the negotia- now harf ', n . ' / and shop floor delegates from ,, enera . lo ^ P« r <* nL utilisation of local oil —

lions completed hy this summer, tn consider th<» al ^ 0Te r the conntry moved to to build" uo^wh at Wb l n and gas. Instead of being waste- a f * . ' —

leaving the autumn fordrafting aad it \ h e of \toens bar ? 0r ^ “ inutes of P re ‘ be a highly aucce^vamu? ^ flared the S** Will be first All Change?
t^TZIrT !0r ^ ti0n i s0 if they hare Z used thal time ^ drinks followed at 13.00 Much to their C “SlS- <«ed and then ied to fuei the Belize might be to

saKfty;

in the

^PP'HAMFrON

1 he l^vuisoinest and
best built town in all

pan of England’ ■

RmdDcfot'

■ ^ Cnm ~ ■■■ ■
f^T IQin? a,tcr a d ^usLi lm <* andlr.t r‘ ,U
whole areas, £ lrj 6 K had doimved '

many people
a far a wav

. oou negotiations have advanced too int^r ^ umi ^f um Bahrain,' having waste heat from the smelter will Place about which w/ tl vay

“uoh . iS o,mos. SSS&3&--S

“ue U,, h r ^e ,S, tad “serious SZ » 'MO.^owontererpart jesm Swedish far iT SSSSi S nfl'4'

second thoughts since they first clear. That being so there is ** 2 ? m ? nths 4 ^ng-et that for Dubai Aluminium. Swedish fare Well naxnes of some n7*h! 1 J* n ,be

0tb % S ^ t* r ^ out thc ^ 67 VG ' AU f 3 not Ios t however as one For years Sweden basked- In and ^8es «Mch euri?niW

the rush to welcome Greece into talks any longer than is re&llv • • of Livingstone’^ at*hipwimf>nt* in ■* , , , - grace our Latin oily

the fold in the aftermath of the necessan'. if the Nine have Take VOUr pick that of t&ng BahJJSis to ran ® rtpuUt, ®- n ^ colony.- Double^ Head

restoration of democnor in doubts about further enlarge- your ™ • th e key jobs in the smelter most prosperous sodal Strike, wJhln« t£*

Athens. It is not lust that Greek ment after GreAfc mini th A » t..,. * T .. .. . ont»mncu cracv ln the world where hieh Teakettlp r a » s*. °. lr ss.

h> p«S y »l5 SteTfeSSirfiT- Man >'

■ [rt lh ^ ^ d «-ir*U Se ^ortluimpinn eiiir.

have been « D lacerf hv .* «ach used to mm

have been replaced hv more ™ " cuach us *fd to travel

and Birmingham an:

HmZZSr now on,y abou{ « hW s;* y-

It offers the idcal^m^re 1 pi l rcd voitlin&« | Q devefoo ' ~ •
ejccllem labour rclaiiorw^fs"^^ iae & .

restoration of democra^ in doubts about further enlarge- J r ' ' th e key jobs in the smelter most

; n ,r S ’2kT EJS 51 ? *“5?^ cT"L aft , er G ^ k ' entr y- the - v to prove that T am second enterprise. cracy

22’ * hat - . s . Urt fa ?“« now, to none in my admiration for. The Dubai t« «i«cr **“*

J»avechostfn to share «n its SwS'^h* 20 <tVm mta ^

just to. prove that I am second enterprise. cracy in the world where high Teakettle Camp, Mountain Cnw

to none in my admiration for The Dubai smelter is wing "* “™* T"! “Si Ea " cin ? Pool'

r. -1’ , JO . V ‘ ra ctog tnem now, to none in my admiration for The Dubai i* naintr s^aaras of living went Tiand vay and Dancine

iwlSmvflJ ^P 31 "' threatens to rather than waiting until they exporters let nje quote a fine built on the basis of a' projected la hand wIth high -taxes but for e^^hple. Why, they S sound

Zorl IS wi r r h sna i e „ entl ? British Ingenuity. A superb social dices' of ail ^ ^ BfI ^ than Neasden° Und

me Lomimnuo and iu loatitu negotiations with Spain, and small. British company called sumption in the lMTS-btsely Wnds. Nothing lasts tor ever.

Videomaster which. Inter alia, because of the expected increase, however, and over the past . U 08(2 )'!)£>*•

rcquirenwnb Sour for ** •■*“'1*2? ~ ^ '

iupplcfteniir.g U, v . l0wn - s «ld

tions. There are hard economic Portugal.

'ver ^

v c * ‘'"'itempi.Vf, ,\ \7 jjp iV

k.

Times Friday January 27 1978

19

&$&'**-■

0:&^ ■
cy»^nV;V * “

.

Vl+F. »1 u*v- •

»!& :: :

cifi’T.':*,'.' . .

waSc*::-

pijTf^-rijje *» . "

INSTTrUTE for Consti-
fVt^oWl Studies set up the Com-
■-^V^ttee chaired by Professor X
iSv.irith a brief to take a funda-
ggshnttl look at the U-K. constim-
v^Aonal system. For too long, we
constitutional reforms have
:-: approached ad hoc, with-

regard, to their ■effects on
.evolution of the system as -a
i^^whole. As a result parts of our
HT-systean seem to lack a rational
j~7Jbsse! Conflicting objectives are
’'pursued at random; and even
particular objectives are pur-
’ sued in- contradictory ways.”

. So begins the report by the
independent commission • on
constitutional reform which it
was necessary to set up when it
became clear that Parliament
was incapable of - reforming
itself. The Teportitook two years
‘ to complete: The composition of
the commission was designed to
combine the experience of
academics with, that of practi-
tioners in different fields and
to embrace different political
viewpoints. Funding came from,
among others, the Lererhulme
Trust and the IWolfson Founda-
tion to the tune of £95.000,
which was. regarded as cheap
at the price. '!■• .

POLITICS TO-DAY

Precedent

. The above -fs, of course, non-
sense. There is, no- such com-
mission, or at least, not yet. But
there is a precedent. My open-
ing paragraph is taken, with
only slight amendments, from
the foreword to the report of
the ownmittee chaired by Pro-
fessor J. E. Meade on the
structure, and reform of direct
taxation end - set up by the
Institute for Fiscal- Studies.

' The origins of that committee
are interesting. It was
established after calls for anew
Royal Commission on taxation

had been turned, down. The
aim was to go back to first
principles, look at the system
as a whole and produce a frame-
work for reform: There was a
certain amount of co-operation
with government, though with
the civil service rather than the
political or ministerial end. The
aim now, after ’publication this
-week. is> to keep in being a
smaller tax reform ' committee
which will take account of reac-
tions to the report, answer
criticisms and continue more
detailed work. .. The . original
committee will believe that it
ha$ succeeded if the .-report
manages ta stimulate -debate to
; the point where sortie action
is taken, although not neces-
sarily directly along the lines

proposed. There is jio claim
to a monopoly of wisdom, but
there was— and is — a - belief
that in the face of ^government
inertia, somebody had 1 to Show
what might be done. .

But in the case of constitu-
tional or parliamentary reform,
has it yet come to that? The
answer seems to lie somewhere
between “ yes ” and ** not quite."
But even if one prefers the
latter response, it is possible
that the situation will get worse.
For it can hardly have , escaped
general, notice that practically
every item that nowadays- makes
the political headlines, or- even
the political news, has .some-
thing to do with constitutional,
or institutional, Tef orm. And.
equally, it does not seem' likely
that Parliament is capable of
coming up with considered or
comprehensive solutions.

Take, for example, the case
of the Select Committee on
Nationalised Industries’ reports
on the British Steel Corpora-
tion: the argument is osten-
sibly about the extent of ' the
Committee’s right to rrrt urina-

tion. In fact, it goes much
further. Even if the Commit-
tee had all the information it
required, how far would it be
able to interpret it? How far
would it need to employ al!
sorts of specialists to help it to
come to its conclusions, and how
would it pay them? Again, how
could the demands of special-
ised committee work be recon-

parliamentary procedure.

But the powers of Select Com-
mittees are one example only
Almost all the business uow
before die House involves con-
stitutional change in one way
or another, whether it is the
Scotland and Wales Bills or the
Bill for direct elections to. the
European Assembly. The ex-

it is possible tn argue that all
this means that change is taking
place. But it would be very difti-
.cizlt to argue that it is doing so
in any systematic fashion. Even
if one leaves aside the fact that
the great majority of MPs are
Against the devolution Bills on
their merits, and accepts that
some of them are supporting
them for reasons that have

like

tjie Scottish electorate approves
of the idea, and there wilt be 4
special provision for Orkney and
Shetland.

It is not only the Labour
Party which innovates in this
random way! It was Mrs.
Thatcher who said one day on
television that a refendum could
be used again to put a single
issue tn the people. She could

oiled in terms of time witb the
more general duties of an MP?

There is no evidence avail-
able at present that Parliament
even wishes to answer those
questions. Indeed there is not
even agreement that a problem
exists. Instead there is an
argument about how. far ail-
party committees should have
any powers at alL It is held by
some— -Mr.' Epic Varley and Mr.
Michael Foot, - for instance —
that such bodies deny the very
stuff of politics: namely, a
debate between adversaries
across the floor of the House
of Commons.. It is not a sub-
ject on which one could auto-
matically rely on Parliament to
come to a very sensible conclu-
sion, despite the existence of
another Select Committee on

tent of the change goes beyond
what was contained in the orig-
inal Bills, though that itself
was large enough. Ways have
to be found of getting them
Through. The guillotine has be-
come a way of life. Same clauses
go through without debate;
others are amended almost at
random,- No one is quite sure
what the House of Lords will
do about the Bills. It would
have a proper case for subject-
ing them to the most rigid scru-
tiny, but will it dare? Besides,
the House of Lords itself is up
for auction. The Labour Party
may be about to produce a
manifesto promising abolition;
the Tories might (just) come
down in favour of some form
of directly elected second cham-
ber.

nothing to do with devolution,
it is impossible to *ay what sort
of mish-mash will emerge at the
end of.-the day. It is a situation
which Js but of control.

No one knows either which
further devices the Government
will be obliged to introduce, or
bow to. if it is to press on with
the Bills. The referendum do
British membership uf the Euro-
pean Community was said, at
the time,' to be a special case
(though in fact the need for it
aruse solely from conflicts
within the Labour Party’).
Then, however, there was the
promise of further referenda on
the Scottish and Welsh Assem-
blies. Now it seems that there
are to be two new rules: the
Scottish Assembly will be
created only if 40 per cent, of

well be held to that if she ever
has to do a deal with Mr. David
Steel and the Liberals after the
election, although not on the
subject she originally intended.
Mr. Steel has now said publicly
that the price could be a refer-
endum on proportional repre-
sentation.

- One can see that that could
become an attractive idea to
politicians. It has becinne part
of the conventional wisdom that
the next Parliament will again
very likely be hung, and that
the demands for PR will there-
fore grow. But how would Par-
liament implement it? There
is the established device of a
Speaker's Conference, yet it
does have drawbacks. It takes
time. It is intended to still
public discussion while it

deliberates. It creates at least
the suspicion that its member-
ship is loaded. Why nut.
instead, ignore the conventional
procedure and appeal direct to
the people? In other . words,
there would he simply one
inure innovation or improvisa-
tion.

That could happen, and if it
is the only way of introducing
PR. perhaps it would he worth
it. Bin one cannot rely on it.
And at what italic, one wonders,
will people conclude, that such
innovation is giving ad lioccnj
a had name? Will they
demand, one day. rather like
the Meade Committee, that the
system should be looked at as a
whole and given some sort of
rational base V For instance,
would it be too much to ask that

reform or abolition of (sayt the
House of Lords should be
treated not as an issue- on its
own. but as pari of the wider
question of the workings of the
entire constitution ?

Enough money

There is no sign whatsoever
of such demands coming from
the present Parliament, nor
probably from the next. And
that if. the problem. According
to our unwritten constitution,
reform must come from Parlia-
ment. Parliament needs reform.
b-.il Parliament will not reform
itself. Indeed ii« Members will
not even vote themselves enough
money, or adequate facilities to
do their job.

But iT Parliament will not
look at the system as a whole,
and cannot even see. for ex-
ample. that direct ejections to
the European Assembly might
usefully have been linked to
the reform of the House of
Lords, who will ? There is. of
course, the Press,- and it has

been interesting 10 hear swa sec-
tions from within the media
that editors should get logptr.K'.
agree on the hie issues of the
next few years, and pliii them
until such lime a.- government i
comes up with satisfactory *i-u-i
tions. But do we really wans re-
form by the Press?

Single issues

There are also the itnivcr«i-i
ties, the specialised institutes;
and tiie pressure groups. Per -
haps a British or a European ’
Brookings, such as has recently,
been canvassed, would help in
the end. however, they rend to
concentrate on single issues..
London is lirtcivd with com- ■
mittees callmc for rerorni un ;
this or thu 1 constitutional'
matter. Bur ii seems in me that
(say) the National Committee-
fnr Electoral Reform is quite a--
irresponsible as the political •
system it arracks because 11
confines its campaign to a single ;
from. Jt demands PR. but
assumes that that would he
enough and fails tu !ouk at the
possible consequences.

What one would like to see
would be th«.' reformists getting
together, and indeed it is
surprising that they have not
formed sonic sort of umbrella
organisation. They might then
toll us not only which reform*
are desirable, but how they
might relate to each other anil
huw they might lie introduced
1 leave the thought that the
equivalent of a Meade Commit-
tee un the constitution might be
the best way forward. ]i would ■
not cost very much. it
could bring in politicians,
px-politicians and outsider.*- and. .
given the right chairman, it
could certainly concentrate the
mind.

HZalcofm Rutherford ;

Letters to the Editor

■ j-

Synthetic
rubber -

From Mr. R- Holland

Sir.— t refer to David War-
burton's' .letter (January 24)
where he argues 1 for subsidised
North Sea chemical feedstock to
supply a new synthetic rubber
plant.

The’ issue is not simply
whether the Government is pre-
pared to forgo some royalties
a ad. petroleum revenue tax; it
concerns r fundamental economic
pfinrtpte$ n and our international
relations -r^ith our trading part-
new Iri Europe and in the Third
World. . •

If the plant is built and
subject to subsidy there- will be
a positive employment effect in
the t’Jv.. and a negative one
either in Europe or the Far East
We would in effect be exporting
unemployment which, in an age
of international trade unions, is
not something that should be
advocated by an officer of a trade
union in this country.

Furthermore, the subsidised
supply of feedstock could alter-
natively be sold at market price
in the Ojv. to another organisa-
tion that itself would be provid-
ing employment without contra-
vening the competition policy of

the EEC. or it could be exported
again at market prices providing
revenue that could be employed
far more effectively in cuz?e n t
job creation bchemes or retrain-
ing programmes.

-The route from butane to
polyisoprene rubber Is relativeiy
inefficient as both dehydrogenisa-
tion and methyl ation processing
stages are required. The produc-
tion of 1' tonne of polyisoprene
needs an input of between 4-5
tonnes of butane. If the plant
proposed to produce 300,000
tonnes . per year requires an
Input of 15tn.-l.5m. tonnes <*f
butane, the subsidy required to
operate "competitively” lies? In
the 'range of- S24m--$60ra. .-per
year (£125m.-£30£m.). ?

' In sterling terms, the taxpayer
would have to pay (annually)
through the Governments sacri-
fice of revenue, the equivalent
Of between £8,200-£2t),500 to
maintain each job.. /If anyone
can justify such in extraordi-
nary .uneconomic-' venture in
your columns it can only be that
they hare in mind the interests
of only a small section of the
community rather than the
nation as a -whole.

In additiph. as in the refinery
industry. ^ there is a growing
possibility of a continuing and
growing- surplus capacity in the
petro-chemical industry, particu-

larly from pTant. currently under
construction outside the OECD
nations especially hi the member
countries of the Organisation of
Petroleum Exporting Countries.

There is no guarantee that the
U.K. plant conld operate at full
capacity even if it were to be
subsidised. The losses would
only he exacerbated if natural
rubber producers were to embark
on a price-cutting exercise them-
selves. Any attempt at commit-
ting the nation to such an
enormous long-term subsidy
should be firmly resisted.
Richard Holland.

30, C rapigny Road* ■

Change in South Africa

From the Director of
fn/onnotfon.

South .African Embassy.

Sir! — Tour correspondent, Mr.
Joe Rogaly. attempts to explain
“ Why South Africa is now a had
risk " in your edition of January
24.

As this is a matter of consider
3ble mutual interest;' it is
'• regretted that he. resorts -to base
• political special pleading and the
vaguest of generalisations to
support his . negative thesis. Ii
is simply not good enough to
blandly state “that South Alrica
has become- a poor political risk
should be pleth to all.” and that
. " the outlook ovec the nest . Pew
years limst- surely be for an in-
crease In civil disturbances, an
increment In the number of acts
of violence against tbe State and
the continuance of the policy of
repression " . These primary

assumptions your correspon-
dent su blithely' takes for
granted, are at- the very least
most arguable.

It is. I presume, common
cause that the Christian Coneern
for Southern Africa is not exactly
well-disposed towards South
Africa and for Mr. Rogaly to
summarily accept their premises
and the resultant a raiments
without appropriate scrutiny,
must necessarily affect the
credibility of your reporting on
South Africa.

The other side of tbe coin is
presented by the major article
by Mr. Aubrey Dickman, Anglo-
American’s economic consultant,
in the recent edition of
. ••Optima.”

< : Mr. Dickman states: “ The
f question for foreign investors is
", whether to help tip the scales
in favour of expansion, thus pro-
noting the efforts of those who
are endeavouring to extend the
■ benefits of the free market
"\ economy to all population groups
- and, by so doing, ensuring the
profitability and security of their
own investments.”

According to Mr. Dickman.
black real (adjusted for infla-
tion) per capita wages grew in
the 1568*76 period by 6 per cent
‘ a year compared to l per vent,
growth for whites. In current
prices— not adjusted for inflation
. — -black wages (excluding mining
’ Jnd agriculturelgrew From R573
. in 1970- to RL345 in 1976, whiio
coloured and Asian per capita
hicomes grew .. from R957 to
R2D0S; white wages rose from
*4.178 ’lo R5.725. Using after

tax - figures, which he describes
as more meaningful. Mr. Dick-
man says that the ratio of white
to Asian and coloured wages
dropped from 3.1-to-l in 1970 to
2.7-to-l in 1976. In terms- of
African wages the ratio fell from
5-2-to-l to 3.940-1.

He adds that, according to
research by Dr. Jill Nattrass, of
the University of Natal, the share
of blacks (Africans, Asians and
coloureds) . in the net national
income at current prices in-
creased from 26 per cent in
1960 to 32 per cent in 1975.
African household incomes (re-
flecting perhaps greater com-
munal . habits) are well above
the various .tnintmums deter-
mined by university institutes.
The current recession as a result
of Inflationary overspending (In
part on the improvement of
black living standards) has
meant " severe" costs to blacks
as. they adjusted to the sacrifice
of growth.

Growth. Mr. Dickman clearly
believes, is the key to both our
social and economic problems,
but he warns that growth will
have to come before further
redistribution of income from
white to black is possible.

Mr. Dickman concludes that if,
“ in currently fashionable par-
lance . : . growth with redistribu-
tion is to he achieved; growth
will have to come first before
further redistribution Is feasible
and this emphasises once again
the critical role of foreign
capital.**

in summary Mr. Dickman
shares the view that the economy
ha* immense potential. He secs
;thc black market as an area of
vast opportunity and feels that
foreign investment will not. only
be well rewarded here but,
through the impetus it creates;
will be a constructive force for
change.

The positive initiatives by the
South African Government to
accommodate the . legitimate
grievances and aspirations of
the South African peoples, must
be included in any sensible dis-
cussion oa tbe future of South
Africa.

For your correspondent to
ignore these very important con-
siderations is to ignore the total
.reality of South Africa and must
make nonsense of his very as-
pect pamphleteering.

Chris van der "Wall.

Trafalgar Square. IV*. CJ?.

New base date
for gains tax

From Mr. S. PewirtH-

Sir, — -Mr. Jack Bennett advo-
cates (January 20) the adoption
of a new “ base date " for capital
gains tax purposes.

The original date, April 6,
1965, coincided with tbe date
upon which the existing tax . was
inflicted and relates to the dis-
posal of assets in general, subject
to Optional elections. The adop-
tion of. another date for Stock
Exchange investments might not
please owners of other assets. and
any' alter native date' must surely
be universal.

As a manager of investments.
I- find that I can still use pre-
6/4/65 costs in some cases to
advantage, but would probably
not carp at the adoption of the
peak index (but which index?)
date on September 14 last,
though I doubt whether the
Chancellor of the Exchequer
would agree.

As It is. 1 spend a fair amoum
of my lime which could be put
-to. better use. in calculating
gains on the disposal of shares;
as time goes on and companies
get taken over, have rights. issues
or -Preference scrip issues, etc.,
these -calculations become more
tfihe consuming rather than less.

If. tbe inspector of taxes checks
them again it also adds to the
cost of collection.
r.M fully support that suggestion
of the uuit trust managers, that
unit trusts, and investment com-
panies for that matter, should be
exempt from the tax so that the
unit holder or shareholder. If he
is liable, is taxed, if he must be.
when he disposes of the shares
and is outside the exemption
limits. Tbe loss to the revenue
would he very little indeed, as
tha suggested alternative of in-
dexation would virtually elimi-
nate the tax altogether.

S. W. Pen will.

158 , Fendtarch Street. E.C.3.

time. Also, in tbe year ended — they hate put a Laboui
March.' 1977 the fund's Invest- Government iritu power. Sittct
ment income less interest pay- last March they have kept Mr
ments and management expenses Callaghan in power' and theit
amounted to £64 .Tin. or only 6.3 claim to have " moderated ” its
per cent, of the mid-year value of policies has been all too often
its investments. repeated by the political com

In a note in the pension fund's montators.

1977 annual report the actuaries The facts, nf course, are tha!
say that: “In the present the present Government had. h>
economic conditions it is very last March, completed its 1974
difficult 10 form a view us to the manifesto programme. To theii
future outlook fnr inflation and credit, the Liberals opposed such
investment returns.” This slater measures a> aircraft anti ship
ment provides complete justi- building nationalisation, de-
flation for a serie* of valuations scribed., by Mr. Richard Wain-
of the fund - on — alrernalive.wriahii.2SL" ’jne of the.- greatest
assumptions - and T urge’ the Post follies of -ail” the Community
Office' Board- to -caU^for'-tfaeui-Land-^'Act described by Mr.
without delay- Jeremy Thorpe as “a further,

The Post Office fund is only one attack on the freedom of thej
of the man*-', large and rapidly individual." and the various
growing pension funds in the measures to strengthen trade
public sector. In view of the un »°n power and . closed shops
impact on Ihe-public bodies that which, as Mr. Cyril Smith said,
have sponsored them (and on the showed that Mr. Foot was “ytr-
public who bear their cost), bas ruallv a slave of the trade- union
the time not come for the movement. ' The Liberals "nave
Government to establish- an in- shown no sign cf using theit*
dependent commission charged l ,ac t t° secure repeal or satis*
with the tasks of < i v specifjing factory amendment of such
each year the range • of measures. It has not been the
assumptions on which the public T' lbe / a,s e . w . fa< ?. have P re ventert
sector pension funds should be father Socialist excesses in the
valued, and (ii) staling the P as L jea . r ; ^i 1 J 6
reasons for those assumptions? ij J^ 1 ® " a j 3 *

Such an arrangement would Sl .«? ,ford v Ashfield.

lead to uniformity of policy in an ?. u * depriving ih e Government
area iff ’ public 'finance "where ^ ^»Mheir ma-Jonty.

The-Laboutv- Pam’ has made

GENERAL-' .- . r .

Mr. Derts" Healey, -Chancellor of
he Exchequer, on two-day visit
o Scotland, addresses Newspaper
*ress Fund lunch, Glasgow, and
.ater speaks at Edinburgh Labour
’arty dinner.

Pay negotiations Marl For
•ngineering and technical staff in
•lectricity supply industry. .

Mr. Constantine Karamantis.
tlreek Prime Minister, visits
iuropean Communities Commis-
‘ion in Brussels during tour of
Miropean ca pit air to expedite
•ntry of Greece into EEC.

CBf Economic Situation Com-
mittee m-'ets.

To-day’s Events

Mr. Edward Heath MP speaks
at Leeds Chamber of Commerce
dinner.

Mr. Robert Sheldon, Financial
Secretary, Treasury, is guest
speaker at Manchester Chamber
of Commerce lunch.

Resumption of talks t which
ended inconclusively on Wednes-
day 1 between management and
senior shop stewards of Ford'*
Halcwood plant in effort 10
resolve strike

Team of British .shipping execu-
tives end four-day talk- in

Washington un world -hipping •
development-.

London Chamber ol Commerce
seminar on Commercial .\rbitra- j
ion. (iH, Cannon Street. EC4. •
2 p.nt. j

PARLIAMENTARY BUSINESS
Hou^e of Commons: Divaie
Member- Bills.

COMPANY RESIST
John Brown and Co. thaif-yearl. ;

COMPANY MEETINGS
Associated Engineering. Savoy
Hotel. WC. 12. London Inter- •
continental Trust. » London Wall :
Buildings, EC. 12. Williams -
i.fohn). Cardiff. 12. i

variety has iittie to cdmmehd ft.

Tt would also stimulate public l\ r cle R a n r n !

discussion of these important f®" Ha .^* a ^ d - '5 s sen.ral
matters and so increase public £?£r? ta J£* i t ' s w * Y£°;
enlightenment in regard to them', general e“So? That mean.l

Raymond Notts ge.
Hamilton. House,
Mabledon Place. ti’.C.I.

Holding the
balance

maintain in e a majority in thej
House of Commons. That is ]
what the agreement with the
Liberals is about " i Llandudno. |
Mav 27. 1977). Mr. Michael Foot
confirmed this view- “If we hnd
ntu made an arrangement with
tho Liberals we would have
thrown away that chance rtf
getting a real majority not
merely for months but maybe fnr j
years " (Labour Weekly. June;
IS. 1977t

From the Prospective Liberal
Parliamentary Candidate Jot
F amham.

Sir.— Sir. Michael Min ter. n! Finsbfig, - -

January 25. finds it disconcert- ffmwe of Commons
ins that the Liberals have s.W.J.

“saddled the country” with

another few months of

Socialism.

They haven't For tbe first time
In history a Labour Government
has been induced to produce a
Queen’s Speech with no

Socialist measures. The pact ” r - ***"“■. w “

dates from March, 1977. Since

A proper
handful

Sir. — L refer to the hilarious

P.O. pension
fund

From the Director-General
.The Royal Institute oj
Public Administration.

.-Sir,— l was pleased 10 learn
iroa your correspondents
(January' 23) that actuaries can
and do make several valuations of
particular funds with alternative
assumptions, and that some of
them report these figures to their
clients. That this procedure
'should be applied to the Post
Office pension fund is. I submit,
urgently necessary.

In their 1976 valuation the
fund's actuaries worked on
assumptions that could . well
prove to be over-optimistic —
among them the following: (a)
the rate of inflation will decline
to -$ per cent, by 19S1-S2 anfl
thereafter will remain constant
at 5 per cent, (b) the fund's in-
vestments will produce a real
return of 4 per cent, per annum.
' In this and most other
countries the annual rate of in-
flation has. not been as tow as 5
per cent. for-. some -considerable

then inflation is down from 19.9 letters (January 24 1 from the
per cent to 13 per cent, (so far), departing Tory agent to the Isle
MLR’ is down from 10 s per cent, of E‘v and from his nrospeclive
to 6? per cenL. mortgages from candidate who appears to be
11.25 per cent, to 9.5 per cent., remainine m-situ.
sterling is up from 91.71 to $1 92. 1 particularly liked Dr. Stutia-

and the reserves are at an un- ford's reference to my von - 1
orecedented oiab. -titueney’s voting figures in thej

In addition. Harold Lever has October 1974. election: fc On!y a
been given specific respon- handful of Liberals had a worse
sibilitics for small businesses result. As filP Liberal stood
and tbe October miei Budget had - • end *06 were defected, tne
some comfort tor us' sraal) poor mens band should be put
businessmen. The Queen's display

Speech promises help tor the element rreud.
young, the self-employed and House of Common*. >>■ 1 .

small businesses, three sectors

steadfastly ignored by previous

governments. t j c

Not a bad impact for 13 MPs lEftOGrtS Ol
in ten months. And the only way ,,

to avoid wild Socialism on the TPXtii£S
one hand, and confrontation with * —

the unions on the other, is for the front the Chairman,

Liberals to go on holding the The Tertile luchtatry Support
balance — whatever the party In Campaign
power.

Petpr G. Eaynes.

Kedesdale, Wellesley Road,

Rns hmoor, near Famham,
Surrey:

Sir.— However delighted every-
one is iikely to be about the
large power station order from
Hong Kong, let us put 2.000 jobs
so created into perspective. Over
the last ten years Hong Kong
has played a key roie in the ioss
of 300,000 UJv_ textile workers'
jobs by swamping oor own raar-
DHCtS her alwu r0 , y Priced goods.

* Let us hope that a consideration

.of their consciences and helpl

a from our own Government can !

former London LlberaJ PaVlia- secure further orders to remedy)
mentary candidate (January 25) unequal slate of affairs,
is right. Every time the J. G. Bridge.

Liberals have held the balance Thomcliffe, 115 U'tndsor Roc .
ol power — in 1924, 1929 and 1974 Oldham, Lancashire.

Lib-Lab

'rani Mr. <3. Finrberg.

Sir.— Sadly. . Mr. llin ter.

k.

tt'

\

Interim Dividend

The directors have declared an unchanged interim
dividend for the current year to 30th April 1S78 of 3p gross
per share, subject to Jersey income tax at the rate of 20%,
payable on 31st January1978. Comparable figures for the
previous year and the yield are shown in the table below.
The net assets of the Fund expanded from £1,563,869 on
30th April1977 to £2,130,300 on 31st October 197 7. The
capital performance of the shares calculated on a per unit
basis is set out in the table below.

Interim dividend foryearto 30 April 1978 {& '7 7) 3p per share

Final dividend for year to 30April1977 4.25p per share

Total dividend for year. 7.25p per share

Dividend Yield 8.53%

(based on historic dividend and current offer price of 85p)

Capital Performance

1 January 1977 to 31 December 19 77,

Offer Price of Shares — 3.2%

Dow Jones (nd. (ndex “ 1 7.3%

Company background

The Company provides residents of the scheduled
territories with a diversified and actively managed portfolio
of quality American securities. Portfolio strategy is supple-
mented by participating in the sale and purchase of US traded
■options with the aim of reducing risk and/or increasing
yield. The Company also invests in Schlesinger American
Options Limited, a Bermudian investment company with
similar aims which is designed for non-resident investors.

Shares are issued -and redeemed at prices based on net
asset value. The shares of the Company are listed on The
Stock Exchange in London. Shareholders receive the
Schlesinger "PIMS" Service.

A copy of the full prospectus of the Company, the
PIMS report and the latest report and accounts, on the
basis of which alone applications for investment will be
accepted, may be obtained from the Secretary, Schlesinger
International Management Limited, 41 La Motte Si, St Helier,
Jersey, Cl or from the Secretary, Schlesinger Investment
Management Services Ltd., 19 Hanover Square, London
W1A1DU.

\

Schlesingers

.z

Financial. Times Friday January 2i 19 r$

DIVIDENDS ANNOUNCED

British Sugar on target with £20.5

IN LING with the forecast made
at the -time oF the July. 1977.
rights - issue, pre-tax profit of
British Sugar Corporation jumped
to £2047 m. Tor the year to Sep-
tember 25. 19 ii. compared with
£14.6m.. on turnover or £26S.27m.
against £2C6.92m.

Stated earnings increased from
131. 9p to 169.2p per £1 share and
a Anal dividend of l3.SI24p on

two rights, raises the total to the
forecast level of I9p (92»pj net.

The directors propose to sub-
divide the £1 .shares into shares
of 50p each and subsequently to
make a scrip issue of one 50p
share for each share then held.

Looking ahead, the directors

say that the company's low cost
structure compared with its U.K.
competitors and 3ny of the Con-
tinental producers, will allow both
the company and Its growers to
prnsner when true market forces
within the EEC are allowed to
operate.

Confidence in the future, they

INDEX TO COMPANY HIGHLIGHTS

Company

British Sugar

Page Col.
20 1

Company

Inch cape

Page Col.
21 ' 1

Brooke Tool

21

2

japan. (G. T.)

20

3

Country & New Town

20

4

Lonsdale Universal

21

S

Cowan, de Groot

20

2

Lovell (Y. J.)

21

3

Denbyware

20

3

Macarthys P harms.

20

5

Derby Trust

21

5

Piatt (F.)

2T

6 "

Eng, China Clays .

21

4

SXJE.T.

20

6

Fitch Lovell

20

7

Smith (David S.)

20

8

Guinness Peat

20

4

St. Kitts

21

S

Hambro Trust

21

3

Watson & Philip

21

2

Imry Property

21

1

Worthington (A. J.)

21

7

for the six months to December
31, 1977.

The interim dividend is raised
to Ip (0.5p) net— Abe previous
year's final was 0-5p per 25p share.

Guinness
Peat up
so far

add. can he judeed by the group’s arranged with Manufacturers

recently announced £70m. capital
spending programme over two
years. This will complete the
capacity io produce 1125m. tonnes
of sugar in the 1979-80 campaign.

Profit for the year was struck
after interest of £2.54no. t£3.35m ).
bul subject to tax of £l.34m.
lIQ.am >. The amount retained
improved from £13.17m. to
£ 18.54m.

Nu provision has been made
Tor deferred tax following the
review of the tax position, which
demonstrates that the company
is not likely to have any liability
to pay corporation tax in the
foreseeable future, the directors
add.

Pre-tax profit cm the current
cost basis Is reduced from
£20. 4 7m lo £1 0.44m.

As at September 25. 1977. land
and_ buildings were valued at
'£71 74m. and the book value of
these assets was £23.5fim- This
rcvcki a linn has not been incor-
porated in the balance sheet.

Sales of 4 ugar were just under
fiOn.UOO iTTO.iJOO) tonnes, while
the group committed nearly
£:.l()m. to fixed capnai and at the
year-enu u-.ed an additional
£20m. m working capital.

Hanover Trust Company. For the
first 12 months it will bear an
Interest rate of 7j per cent

of the domestic side, which is

being squeezed J>y lower con- modify”' processing operations.

IN THEIR interim report the
directors of Guinness. Peal Gronp
slate that results for the year to
date are comfortably ahead of
'those for the same period of
1979-77 and the overall level of
activity. In the various markets
in which the group operates has
been generally, good."

The Interim dividend is stepped
up from 3-5p to 4A5p net per 23p
was 6.45205p.

The international projects
division, which includes the cora-
ls

•'

■ -

Date

Corre-

Total

Total

Current

of sponding

for

last

payment

payment

div.

year

year

Anglo American Gold

... W,6 S5 cents

March 17

90

165

.180

British Sugar- ...

13317

4.65

19

.929

Brooke Tool

...... -1.

April 3

NU

1

Nil

Country & N. Town

int 0A

■ —

—

—

0.63

Cowan De Groot

.inti 0.72

Aprils

Qm . .

. —

1.72

Denbyware

.inti 2.11

Aprils •

2.11

■- —

5.42

Derby Trust

...... 7.13

Feb. 28

6.72

13.43

1LS7

Edinburgh Am.. Assets ... 1.1

_

0^

2.1

0.9

Fitch Loveli

.inti 1-S4!

March Si

1J6

—

5.58

Glanfleld Lawrence

1.25 '

March 6

1^5

1.25

1JZ5

G.T. Japan

.int 1

■ March 6

0.5

— •

1

Guinness Peat

.inti

March 20

3 j

9.93

Hales Properties

.bit 05

March 10

0.73 ‘

—

2JZ1

lmiy Property

Jnt. 03

March 3

Nil

—

Nil

Inch cape

.int. G

March 31

4.55

—

10*

Lonsdale Universal

3.24

April a

2.88

4.63

4.15

Y. J. Loteil

239

3.4S -

359 -

3.48

Macarthys Pharra. ..

.inti L3/

.April 8

1

- —

3.93

iHanson Finance

.itiL 13

Feb. 24

J

—

2./5

Midland Trust

.int 132 '

March 6

L2

—

3.6

SEET

.int 0.66

March 6

0.6

—

1.64 .

R. Smallsbaur

.13

April 7

L

13

1

David S. Smith

.inti 133

March 10

1.1

— .

2.4

Throgmorton Trust .

23S

March 23

2.75

4.38

4

Vantage Securities

- 0.35

■ — '

02

0.5

ti.4

Warwick Engrg.

.inti 0.33

April 6

1

—

229

Watson and Philip ....

L67

—

1.48

2.43

2.18

A. J. Worthington. ..

.inti 0.31*

Feb. 24

023

11.

0.7

Dividends shown pence per share net except -where otherwise stated.

* Equivalent. after allowing for scrip issue- fOn capital increased
by rights and/or acquisition issues. J Final l_75p net forecast on
capital increased by one-for-five rights issue making 14.75p. 5 Gross-
on capital increased by rights issue, ff To reduce disparity. II 0.0472p
final forecast ** South African cents throughout

Cowan,
De Groot
progresses

progressing weU, they add. and
the recent - successful : acquisition
of Willows Francis, will make an
important contribution to the

sumer spending. The toy division,
which accounts for just over .a
third of profits, has shown volume

growth of about 5 per cent- ahead

of the Christmas season. Since group's -chemical activities.
(o3 per cent of profits) gaming - - - -- - - - -

from Hong Kong, margins are
likely to jump dramatically -as a
result of an . improvement of
about a fifth in the exchange rate.

So. given lower borrowings —
stocks are at a lower level in the
second half and interest rates,
the company looks well placed' to
WITH TURNOVER ahead from achieve around £2m. for the year.

£11 : 73m. to £l5.65m taxable profit On average capital this leaves the

Macarthys near £1. 5m.
mid-year-confident

ISSUE NEWS

£96m. rights from

Midland Bank

on tli«? existing raptiri arid intend

— a.I f!n > 1 1 1 VV. I m

Underwriting has been- com- rtcommmt a fin.il tJIYUJeniiin
pleted for a W*'* ™ Iasi WV 1.5*

by Midland Bank, -Sonri 29.99m.
shares are being issued on «he

basis of one new share for every foP Vhe year of H.7Sp

five heki ai 330p per share.

Holders of 7j per cent. Con-
vertible Subordinated unsecured
Loan Stock 1933-93 are being
offered 21 new shares for every
£500 nominal of stock held- • •
The directors estimate that
consolidated pre-tax profits

lor

the Bank and its subsidiaries for stances ii expects to at tow fflfcin-
the year ended December 31, were tain ifie rate of dividend for
of the order of £l90m.‘ compared "lyys on the incmiked capital

* in n ii .1 _ > ■ 1 • ■•■iM h n cfl*! * tit

with £l66.4m. for the previous

Full details will be senl-in
shareholders on January 31. The
latest dote for acceptance be
on Tuesday February 21 and
dealings are expected to start on

See Lex

Guinness Mahon. and Company
continues its steady growth, and

£ofit?°for d ufe r |2? ed S ai'’ U>“ wrra . ■h.tealieg diBrihrtioo

directors. •

First half downturn
by Fitch Lovell

cent, during

comment

of Cowan, De Groot climbed from shares on a p/e of 92 ( full tax interim statement Apart from in- October 31/ 1977.

,nn.r» .. Mc« no s_ .l. i oharop) AI ?4n u'hilp thp viplri ic ain.,;... ika, nntli.. ... “ nnm. TVu- pul in mar

half

£719.348 to £352,168 in the
year ended October 31. 1977.

Directors say all four divisions
continue to . trade well and the
strength of sterling allied with
lower interest rates should be
beneficial.

The year should be one of con-
solidation involving integration
and improvement in the various
relatively substantial acquisitions
made in the past few years.

The company has arranged a
further loan of £lm. from its mer-
chant bank. County Bank, with ArulLR
the proceeds to be used
acquisitions.

eh a reel at ?4p while the yield Is
4.7 per cent.

gross trading margins showing a £70.000 to £168,000) and veterinary TURNOVER for the *« 1 Cf.IL .. ni „.-i fr^

0.7 per cent reduction Macarthys supplies (profits up 41 per cent. October 29. 1977. of Fitch. Lovell tte penod and hisii M >- ml few

Pharmaceuticals reports taxable to £162.000). The later two areas expanded by 20 per cent to t ts 7“ f ° fn r ri 3

— earnings of £L47nu against have increased market share as £246. 14m. but pre-tax profits .felt of 1S .

In common with the merchant £L22m.. on external group sales competitors have gone out or from £3.41 m. to Sf-JSSSlnn of 1 meat was

_■ 4.« r*..z L-_ n . P— am Ol ? ru>h nan* Ct?l Q7wi bn hirdnore in ftVin nnct Ham tMMhtf OrO chrtwn fO M flOWTl tTOTIl i.9fp COIl-SUITl pllQIl Ol UlL Jl VVaj

- As a . mull the itu-i'frjr division
benefited, from new store open- Mr. M. G. Webster the chair- made a mm . while a ff»j gnvum-
The cut in margins was a -result ings. Meanwhile tbe manufactur- man. says that in looking at. the ante irom th 1 toner ni »njrartnnn„

banks, the Guinness Peat Group up 24.5 per cent from £S4A7m- to business in the past two years are shown to be down from
has Issued a suitably tactituro £43 .35m. for the su months to while the retailing division has to 2.07p per aop share.

Denbyware
returns to
profits

dicating that profits- are “ com
fortably ahead " investors will
have to await the full year re-
sults for a' better picture. Last
year Guinness's profits were
boosted by - the decline in sterl-
ing, so it might be expected that
against a background of sterling's
current strength and weak com

me cut ui Him gins ™s«iimiire iuv ui»uuiowiui- uwu. — - --- . . . u i_ ,i l., .

of there being relatively- few sig- ins division has solved its preb- full year results one must : .remain, division vys not p»'j "1 cju-
nificam price increases in 4ems over faulty ampoules and as always in the food Industry, price competition on •.■o<ak<d hams
medicinal nredu«n« durine the eve droua. which halted oroduc- very cautious. Since the half year from Denmark (as a result of Bf.r

medicinal products during the eye drops, which halted produc- very ... .

period, the directors say. How- tlon last year, and profits here end competition In. food re tailin g
ever the pharmaceutical tnanu- ak up from £4,000 to £71.000. The has intensified

factoring, retail, surgical and
veterinary- divisions ad recorded
improved results and overall

shares yield 6.5 per cent . at J02p
(up 2p).

taut commodity and trading
operations might be finding the
going tough. However, the cur-
rency turmoils have helped
half Guinness since commodities pro-
f or deficit which left tbe full year loss vide a useful hedge and the
at £239,000, Denbyware reports a group insists that it is trading

A £645.000 second

modity prices, Guinness's impor- sales growth has continued- to be

— — -■= — satisfactory during the last few

months.

The directors expect per-
formance in the second half to
be similar to. that achieved in the
first six months. Last time full

9 comment

British Sintur*- profits, up 40 per
cent., are in lino with the rights
issue forecast However, on a
current cost basis following the
H; dv guidelines the pre-tax figure
emereeji as £l04m.: unfortunately
there is no comparative figure for
1978 CCA profits The company
has also taken the opportunity to
stop providing for deferred tax in
line with ED 19. This has the
offer f of boosting afier-tax profits
for the year from around £10ni. to
£19m. On the new lax accounting
method the shares at 490p are on
a p c of under 3. against over 5i
on a fully taxed basis. But the
yield is fairly modest at 5.9 per
cent., while the company operates
in a highly political environment
and its growth prospects are
strictly limited.

year profit was a record £2.S5m.’

Stated half-year earnings per
20p share were higher at 6.6p
(5.4p). The net interim, dividend

SEET rises
£236,000 at
halftime

B.

and this further
confuses the current situation.

Nevertheless the Interim divi-
dend is lifted from 1.76p to 1.93Rp
gross per share on capital in-
creased by last year's rights Issue
and a maximum permitted toial
is intended. The total for 1976- 4 <
was 5.57605p gross and pre-tax
profits came to a record £9.0Rin.

The half year result is subject £225.060 taxable profit forthe six volume and not price levels

to tax of £443.127 (£374.060) and months to October 1. 1977, com- which are the key to profits.

earnings per lOp share are given Pared with £406.000 previously. Elsewhere the merchant bank has ine net imenm unriuenu !N . r^p Centember tore- ±’ l ' p „ n

at 3.46p against 3.16p. Mr. G. R Robinson, chairman, been having a good year and the is raised to l-5p ftp) -to reduce * urofii of Scottish. P ^ fll

The interim dividend is up from says the pottery manufacturer elc on iy dull spot appears to be in disparity. The final last-’ year was *£eli,h Ins EuranMii “

0 aap to Q.72p net per share. Last « still in the process of carrying ^ associates-interim profits of £2-93p. nnBT?r„!r

year a 1.173p final was paid on out the remedial action referred Esperanza Trade and Transport **-- “ rfed from ^S.OtHT to »

(Guinness has

Ext-’m.-il sales
Op-tai Ln« profit
Dvp reel a lion

record taxable profits of Ufim.

• comment

Grow-th has been steady if not
spectacular at Cowan de Groot
over the past 10 years or so and
a similar trend is noticeable this
year. First half profits are 18
per cent, higher on a sales gain
of 33 per cent; the slip in margins
From fl.l per cent to 5.4 per cenL
reflects problems with

to in his annual report and
results to' date are more . oC Jess
as anticipated. The second half
of the year should show further
improvement.

The U-S. problems are steadily
being resolved and the situation
there is close to what was
expected. The rest of the group's
tableware business in the U.K. and
Canada and general exports are
also as expected.

As -a result of .improved

a one fifth stake)
fell by over a third. The group
is probably heading for attribut-
able profits of perhaps £Sm.
(against £5.9m.) but a yield of 7.4
per cent, at 206p indicates the
market’s continuing' reservations
aborit the quality of the earnings.

JUniifa-.-turmg
AK.-ncy ere. .
R.-UlItllK
Poulrrr

Textiles

p - l.ij ..... imeu irum mm.wvi iu foiil.OfiD 00

For the half year the net out- tllr11AV , r .r rsim cnmnirpri with

S&'SWJBT&S jsa —

shown at 1976-77 year end.

comment

renecis nrooiems with price con- . **■*"“* — _ *T.' “

trol restrictions rather than cost S m y !^ c and e £« l £ e “f*

measures, stock levels and

CARDINAL INV.TST.

two
facility of
Investment

pressures. The Horwood acquisi-
tion accounts for about £im of
sales and £75,000 of profits. That
leaves liltle extra from the runm
of the business with the industrial
side (lighting equipment for
local authorities, etc.) of the

expenditure are now under better
control and should improve
during the rest of the year. Mr.
Robinson says.' ■

The half year result is. after
exchange losses of £37.000

Interim by
Country &
New Town

Volume sales at Maearthys
Pharmaceuticals increased by
around 10 per cent (turnover up
244 per cent.) in the first half

We rays* Textiles: .disposed of on Ex^ntinna] <Mms+
April 28. 1977. ux

*. Mr. J. .R M. Mackenzie, chair- _

man, says the second half has Extra -ord. credits
begun well for the group and. the To minorities
re-equipment of mills -continues. Pret dividend
The new steam generating plant 0rd -

at Kenneth Mackenzie Holdings 21^1^

while pre-tax profits rose 21 per has been installed and tlje Black- a .\oo-food companies.

Coontiy and New Town Proper-

cent. However the performance of
the main pharmaceutical distribu-
tion division has been disappoint-
ing with profits up only £36.000 to
£L16m. Sales pressure on this
division has increased as a grow-
ing number of smsll pharmacists
(disappearing at the rate t>f 250 year,
a year) have; been taken over by
larger concerns which in the main

19”
funn
Mo nr
d.m
1 WJ
4 or:

2. Mi
1.SS0
1.17*1
4201
tIRn
991
9M
2JTT
1.4S2
1.29S
20
1
1j
1.^9
»9 .
G10

reduced
t profits

iroiHiM sL ,l .‘* r .dies) wh.*n ripprppMxl

Robirch's o' *fit co 'i' '"d'Wi hy
f 200.000. The fall mi P- frill*

would have been even mere
marked but for a line perf.ii tr-
ance from the reia •iiixifrn
which almost dmsbletl its conlrl-
huri'tn. The ■if.iup'- asjre-'lve
Keyni-iike* advert isi'i ■ caaiptii^n
v. hi'h preceded Tt-sc*- ew.n .cut-
price e.xnipa'Cn tnav l -r (f hrij*<-d

the rei^riim* nulk-is m- -

ket share over tlic t>eriod, but
trading would have .nor?

diric iu ■‘•mce tl'e-i jriei;

i.iio war intensified. I’oulicv food
*:»■ nianufaminnu. hi.wrwrt. may. m**v
bcnctii From ‘owi-r f«’ori . jiru-r:
■itit trading u» , o« ra!: / v -’5 ron-
t.nue to he .-Jifli -uU f - fore
vet. The shares it ."*?■ y:tUl il
per it'll, on force i ,- d!’ ilenri*.

1976
n>j>i
Svi.roa
vo

t.«i

6H

«0)

tt:i

ITS

4S7

j.aii

l.Kl

1.460

s

IS

1.442

*59

S 93

hr

loss

burn . Group Is planning further parent company costs,
reola cement of existing looms 00 dis t >osal of PropeniM £174.000

s «£5S.000‘: devcloptncw- and reorgaolsa-

t03Chtnes._ ■ tiotl expeDdttore indudtns Hnanclnc costs

-Tbe intenm dividend is stepped £932.oov <I47 i.omi anu other ttenis
up from 0.6p to 0.66p net per 20p fse.ooo ti44.ooo>. t Loss,
sbve. A L04p final was paid on The poultry division was hit by
full-year profitr of £862.000. last a bigh , eve , of production in the

D. S. Smith
ahead at
halfway

industry at a time of. increasing
food prices, coupled With an un-

A two year unsecured loan electrical and. harduare division (*34.000 sains! and came on^ .ties is.to^ ‘pay an interim dividend have their . own; distribution out- 5S5sr!t^ovei:Z.«—

fi _ e ___a - orpr nt / m (M .ism i 37 fa uPq # « « •• . .-1 — — - — »« — -- » .w. ■ •

£lm. for Cardinal
Tnuri has been

(53 per cent of profits) gaining
group importance at the expense

Caravans

International
1977 results

| Turnover

1977

1976 I

I UK

17,318,200

10.999.200 1

■ Overseas

44,387.200

33.573.000 1

1 prolil Oe!orc-Ta:<

3,764,800

2.097,100 1

■ Proi'i after la'' and ■

i e' I'aordinar*- iiems -

2,399,400

595.100 I

H Pershar-5: I

9 Bai.c earnings

28.98p

8.62p 1 i

i Divofncls

4.62p

3.50p I

K r langiMe asieis 1

1 !at:er ceducisng mmorily m

^ :n!e:**i~t

1 1 2.84p

88.32p |

t' 1“ Tafe ^ s for the first "time ever, as a result lets. The rest of the group, bow

St.VkL. of a significant recovery in. tiie ever, has In the first half more

total lo« included non-recumng reveru , e position. Pre-tax profits than made up for this sluggish

ic of 3*53.000 ivfire reported yester- performance. Volume gaitw have

•JEPJa da y for tbg' Six months to July, come from retailing (profits up

at , compared With a £70,000 less for 76 per cent at £325,000) surgical Retained

fast^year S ' 3069l8p ^ paid the comparable period. The

Prom before lu
Taxation
Net orofll ...
Minorities ....
Attributable
Dividend

• comment

mw»P A e'

>■

■U

Seii-catenno holidays are on ihe increase throughout
tiie world. Most seli-calenng accommodation is provided
bv caravans cf three types. In each, Cl has a major stake:

TOURING CARAVANS; Best-selling brand in the world is
StTile, made by Cl and sold in 22 countries. Other UK brands
ore E-jroca. Eccies and Fairholme. Prices start from under

it. too. '

STATIC HOLIDAY CARAVANS; Seven million Britons
I 'C-if iet*- -jech vear m siahe holiday caravans, self-owned or
reniTCi. Oldes t and best-known make is Bluebird, anolher Cl
brand

MOTOR CARAVANS; more than 3 camping vehicle, a
family cam, 'all. Ci's MbiorhomeJravelhome and Highwayman
models oommate the market, making Cl Autohomes Europe's
largest producer of coachbuilt motor caravans.

For t-fc.jirti •nf.r-rnaiion i'ck Inc acpropnrue tor and
:?;^n :-ii men tc- Caravans I n ternational Lid.
Emson Close, Saffron Walden, Essex CB10 1HW.

EJ

I I

□ .*.0*

FT

interim dividend will be t)-2p per
share. Last year a dividend of
0.65p was paid for the full year.

Latest results from Denbyware - Yesterday, Mr. Gerald Newton,
are more encouraging than they t “ e chairman, confirmed that the
look if set against the grim figures ever, by the end o f t he year
of the second half of the last nnprovements at the Civil Service
financial year. Then, losses- of dtore-In the Strand should permit

Sound Diffusion to repay
£2m. short-term loans

1977

5 L 095 - 3 JW expected decline in consumption.
— 1,119-. Current Trading indicates that the
55 second half will show a move into
profit.

85 The agency, first hand wholesale
12s and market sectors further im-
ptoved profit despite fluctuating
commodity prices and adverse
trading conditions. .

Exceptional- items included Ihe
cost of the experimental launch
of further processed poultry- pro-
ducts. £382.000: the cost of with-
drawal by Lovell and Christmas

297

384

31

233

28

287

PHOTO-L1THO printer- and
carton manufacturers.' David S-
Smith ( Holdings) report .* pre-tax
profits ahead from Wl.'i.ObO ;o
£672.000 for the six months to
October 31. 1977

Changes in demand, created l»y
market "fluctuations 'and other
Factors produce difficult condi-
tions. state the dirertprs and. as
anticipated, lower interest rale*
will reduce income Trom short-
term deposits in the second half.

Nevertheless, trading profit
should make good the difference
and the overall full year result
should be in line with the pre-
vious yenr's £1.21m.

Although half-year sales

crou P „ trading, advanced" From ES.lm to £3.73m..

£645.000 were incurred, . due to

the store, to obtain a' “market

problems in the U.S. operations. rent

Admittedly, some £735.000 of non- Mr. Newton also announced that
recurring costs from the eiimina- discussions have been held with

tion of certain product ranges, British and Commonwealth Ship-

and compensation payments to a ping, which holds 29.7 per .cent. a ghniiar amounL
senior executive distorted the true of C and NT’s shares and 81.2
trading picture but even so the per cent, of the Loan stock, which

Sound Diffusion yesterday were available to It at par because
announced a deal whereby it will of options. The stake represents
repay aboul £2m_ worth of short 12.7 per cent, of the issued share
term loans at a discount of Elm. ' capital. HFS has options to sub-

121 1.000: and the cost of dosing
retail- branches. £139,000.

comment

fall in profits

As a result, the net assets of scribe for another 125,000 shares clonal items of 6.6 pet cent. I rum per

bat this is deper' 4 -*-* - . . .

facilities granted .to

• Mr. Charles Stonor. chairman, fu^on by HFS -being utilised.

profit margins have been some-
what lower because of cost ?n-
- creases, the directors add

After tax of £349,090 (£320.000)
net profit advanced, from £295.000
before excep- to £323,000. with stated earnings
20p share higher at ri Op

thecompany win be mcreased by birt this isde^ndem on luring p^thi^ vel , reflects ^edeoressrd (5.5p). The interim dividend is

m Sountf L>«f- -trading conditions in whWi Ihd lifted from l.lp to 125p net. cosl-

prnnn nnci-^M c. r . reo An.i . p-n

'Sion Dy nro oeing unttsea. group operated dunng tbe first inc £68.000 (£59 00u)— last year s
I'liiuix uui even so me iierceiu. ui uir uwn «oc», whico ™« Pr rf av that the "deal was bound Diffusion also announced half Food volume sales in final wm* twtum *

recoverj is respectable enough, could lead to the formation of a SvumSSf to both fSS The yesterday a joint venture with ° 1UIDe S ^ e8 ,n final was L3 ? U P-

The recovery is mainly due to a new C and NT subsidiary, based g Mhe funds would be able Securlcor. The two companies

““ in Amsterdam. SSSi&hS »re to Participate equally In ',

iraaiuonai earner, tame- 7^15 subsidiary- would consolF declined to name the lender say- new company called Secunsound

all C and NTs

steady
group's

uhtrh P a^mmt' date al * ^ and overseas ing that he. did not want to draw with an initial capital of £10.000.

«, r » ar °V nd 57 pe I Property subsidiaries, in many .of undue attention to the 'deal. 11 trill develop electronic Systems

. ir l i i m Ty p r S3 r proved uhich B and C has a minority The Hra. cost of the repay- to combat attacks - on security

m ^ rk , e ! .Tff. _. furn _ t .° r f Stake or is a joint partner. The ment has ben financed by Houston vehicles carrying cash. Mr.

,4.. I 1 !® capital, consolidated company would have Financial Services, an affiliate of Wardman says that the size of

s ; ,- y assets of about £25 m. in the last Houston International Bank Lux- the likely turnovex. meant the

venture mto distribution of U r S baUnce sheet the boob value of embourg. The hew loan is for a project bad very good earnings

furniture m tbe L9fo-«B financial c and NT’s properties was £27m. maximum period •• of 15 yeart potenti.1.

year, still remains at an histone- _ . ..1 .. ., wtth renavment instalments com- On

ally high level of £4.<m. Borrow- . 1
ings have not been reduced since ^ t

the year end: at £3.7m. running s “ eable property

at over 100 per cent, of share- P an - V 'rineh would be

Restraint still needed

ireaSle SSi. 1- pSpESTS^ 2**Z*Z?* right to acceler- to .^old end of' ^

holders*

per
funds.

and

interest financing and M-ould have greater
“muscle" -'- -*-*-'-* — * —

'gplf. ate repayment.

Mr. Martin Wardman, a director

Jess than the corresponding figure
last year. .Trading conditions as
regards new business had “re-

charpes are expected to he around f " Sn8nce for mained difficult m the U.K." but

a tenth higher to £318.000. At further expansion. . Houston Financial Services, Mid w nQW Parting to show “a

S«p the shares yield 9.8 per cent. The new company would con- vestgrday tha t as_ a rirault of the signifies, improvement" Shares

fully covered on a maintained trol all the company's properties 22f t «?r*So2n l 2?'jSi n lTiJL2lSl5» Sound Diffusion rose 4p yester-

dividend, while doubled first-half and property imerests in France, n i£&Z3!g£X£ day to 49p.

earnings would give a prospective Belalum and -Holland. Australia, IT, of Sound

Cana rid and the U.S. In the U.S, DU f' u,Dn S 5®?“ 'ts hor- lVfTTT ^

For example. C and NT and ^ confidence A. J. IVULL^

B and C each have a 20 per cent. »" So^d Diffusioo had been a. J. Mills (Holdings) has an-
stake in Commonwealth -Realty shaken a few years ago but was nounced ... special interim divi-

to

at the

h*ino 5 VUIU encJ of 1976.

owng blamed for faster house Total assets of Leicester Build-
price nses.aays Mr Ralph Stow. t nR rose durh^ Ihe vefr

f 1 ?. ? f . 5^?.’^ n . h a . ra by ?4.S . per cent, to £1 libn.,

inflow of

and.Gloucesler.jvho lB also chair- Uianks'°to a*hea»hy net

p/e of 13.7.

G.T. JAPAN

Pre-tax profit of G.T. Japan
Investment Trust more than
doubled from £82,161 to £167438

Trust Philadelphia which
assets of around S36m. - -

Statement, Page 25

now coming back. dend of

Houston' Financial Services has the year ^ ...

subscribed In cash for 832,600 5p The total in yesterday’s report t0 J a 3Kse,s . to , f3045m. Mortgaze

is incorrectlv stated. advances during the year rose

shares in Sound Diffusion which was incorrectly stated.

Reports to Meetings

£50m. property sales for Trafalgar

sat esaaw

maximum loans against incomes £l95.5m. in i ■)?« 1

?cnie Mas
...ji-kfis.

from ras-sta. to" oil i

SftJS.SLiP-ffL'WH- - -' a 3 " h0U8h “ ,h ' s il

1.757 pinakine*toti]fm- SSTfSUZT ! 9T7 - «« «

-ft? U%F'S&,»5Z£* -S-K'nu'S

Port Elian

inflow— up from £43.5m. l0 £9 7 3m.
last year—went to boost liquid
which finished 1977^ at
(or 24.9 per cent, of total
Al

mortgage

PROPERTY SALES of around
£4(lm. to £50m. For the rest of
this year, a return to profits at the
Daily Ex pres-, continued con-
fidence m the role of the QEII
within the group, and 3 probable
-scrip issue by the end of the year
were amon^ the topics discussed
at yesterday’s annual meeting of
Trafalgar House by the chairman,
Mr Nigel Broackes.

Beaver brook Newspapers is
making a profit. Mr. Broackes
claimed. “Jlr.. Matthews is win-
ning." At the Dally Express,
revenue and circulation have
both stopped declininz over
the past six months and the
position has now been reversed.
The Evening Standard is break-
ing even and causing no' worries.

Clarifying the group's new
policy with regard to properties,
Mr. Broackes said that it had
been policy Tor several years to
sell investment properties, but
tiie market had not been attrac-
tive enough. Now the company
was able to sell at prices which
w ould yield buyers between 4
per cent, and 6 per cent., and yet,
because of the group’s own un-
used capital allowances^ Trafalgar
would not have to pay lex im-
mediately on the gain.

“We don't want to tie up a lot
of money in completed properties
and merely collect the. rent But
that does not mean we shall be
petting out df property. The
Change n that our properties will
now be held as trading, stock
rather than as long-term invest-
ments."

In addition to the sale of Bil-
liter. Buildings and Leadenhall
House, which Mr. Broackes con-
firmed had recently been sold for
just over £40m., there will be
further sales of about £40m. to
£50m. in the remainder of -the
year. Thereafter the -company
intends to continue to -develop
and sell perhaps £30m. worth of
properties each year.

On the shipping side,-. Mr.
Broackes was adamant that there
is no prospect of the QEII being
scrapped. But it is unlikely that
there will be any further invest-
ment in new ships either for pas-
senger -or cargo use. The re-
placement cost of the QEII would
be £ioO'm.; it is in the hooka at
£l0m.

Another area in which ' there
Is Unlikely to be any further
expansion, “although ve will not
be doing any less." is hotels. Mr.
Broackes said ’ that while • the

hotels in the centre oF London
have been a success, the
economics of hotel operations are
generally not attractive.

Mr. Broackes also made it dear
that the company was not con-
sidering buying the Savoy HoteL
“-If yon have the Ritz, do you
need it?”

Trafalgar is also looking at the
probability of a scrip issue by
the end of the year in. order to
reduce the discrepancy between
equity capital and reserves.

See also. Page 26

FIRST QUARTER profits of
Proprietors or Hay's Wharf show
“a useful increase over profits
earned for the 1976,' December,
quarter.”

The Improvement has been
brought about in the main as a
result of tbe action taker, to im-
prove liquidity by the sales of
low yielding assets.

THE' CHAIRMAN of Matthew
Brown. Mr. Cyril J. Ainscough,
told the AGM yesterday that the
company was "making sound
progress in all its activities.''

Beer sales in the new financial
year have risen in total by more
than 7 -'per cqnL while- the com-

pany’s own brewed draught al«$
and lager are up still more on tbe
same period last year.

Mr. Ainscougb added that as
beer prices have been unchanged
for the • past nine 'months, it
would be necessary for the com-
pany to increase prices in Febru-
ary after which' it was intended
that these should remain
throughout the summer.

With the strength of current
salra there was. good cause for
enthusiasm for the company’s
long terra prospects although he

£»f* St «, that there could he no
better than a- modest profit in-
crease at the half way stage.

SHAREHOLDERS in Ranks Hovis
McDougall were told at yester
day s AGM by Mr. Joseph Ra n J
profirs for the first

!£*.*£ to* current year would
be below tnose for the com?
ponding period last year. SEES
** » n» loses «5ah5 £
the bakery division as a result nt
the national bread strlkp

mure modest srafe— a
S!* Jr 0 !" K54Rin to £33 84m.
Portman s niorigact- advances.

™S*,*5S r j relatively sharply

- 3 - a Per ernt in f 33.5m.; anti
roiai assets inrreAtnd bv 21.4 per
eent ro almost t mrUi * **

COUNTER-INFLATION ACT 1973

The Treasury have oivnn

jSPfO

oo»pX" V Tvit* TT ,0 b7 .h. WU..U.S

financial years endln, on th , ^cS'^""' 5 fS ' ! ' 1 '

rr f!8

MEPC Ltd. Manchester £494.752

Nottingham Brick C Q Ltd ^ ° n ' Wl «2.75l,w'

Frederick Cooper (H,d« ) Ltd 1 °?^

Serck Ltd. d - Wolverhampton £86.515'

£3485.236

Associated Engineering Ltd.
ICL Ltd.

Wilkins 8 Mitchell Ltd.
Record Rfdgway Ltd.
Caravans International Lid
Crystal^ L f< J.

BOC International Ltd
The Phoenix Mmin C an d
Finance Led

!?. J ' Pyke ‘Hidgs.) Ltd.
Weecham Group Ltd

Norfolk Capi Ql Group Ltd

Manchester Garages Ltd

English China Clays Ltd.

S. & W Bcriiford Ltd.

Solihull

Leammfc 0n

So; * £5 S3?. 77 1

London. 5W!5 £ 5 . 75 ^ 55 ^

21077
2.1077
30977
3Q977
317 77
30.9.77

Wcdn/«jbarr
Sheffield
Sattren W.ndcn
London W)
London. VVb •

£710,375
t579 523
ilOS.i.'O
M.451.493

76* 77

31.3.78
2 :&;?
3I.6.77-,

77

32.2.7?

Lcnd-.n Wl
LcinjJ-vi. Wt

Brcntfcrd

LondCifi. S’.V7
Mjnchester

Cornw,jJ|

PttbZik kerf by , L ° nd0n - FC3 £-»J

— Tnm "* ei bv the Act

£IS >S?
. •-■•5S0
‘‘I8.97t.597

£73,009

£8 672312
£4320.640

50.977

31 JJ8
309 .f 7
il 1277
30977
30 9.77

t -

Jiff*
i I ■ V

Ii I s 4

T t

f

.f %. i

■f.i

rc-spoct ot tasi ywr «*
on the capiti>l increased by the
This trill make t«tiil

net ( 13.62 3S2p I and *2J484Sp
cross I I9.424S4P). The -Treasury
has given permission tor tnc
approxiraalely 13 pt'f . cent in-
crease.

The Bank that til the

absence of unforeseen circum-

year.

. Midland says that to consider-
ing last year’s profits that it

should be remtmbered that In*

teres t rates fell to a low level in February 1 <r«ii paid)
the second half— particularly by Tlje Bank's advisers are

comparison with the high interest Montasue while the l.«ue

rates prevailing in the previous underwritten by Caaenove and
two half-years. Comuany.

Tbe directors have declared a ^ - pj y
second interim dividend of ~25p

?!

If

1 1

1 i

'f,. '

Ms

i ; '-'S'*'

!i*>.

: : % -

iv *

i¥ -

* ■ ~'t .

1 :

; ; Hnanclal Times Friday January 27 1S7S

Reduced margins hold
Inchcape at midway

SEVERAL ADVERSE influences,

21

sees

improvement in 1978

rij&-

. „ ... losses together with group relief

jnciuamg a reduction in trading DAABn MKTFMC6 are available against certain sub-

P JY re^rttons BOARD MEETITiGS sidiary profil ° They My thc

in Nigeria and Malaysia. meant Tfao following companies haw notm.** group i? now in a much healthier
fljjat^PK-tax profits of inter- *«« o» Board » ibo st«k state and the* look forwani to the

national merchants Inchcape and ££*“"«■ Surf * meetins* m nsuaiiv fiuu _„ w s. h UU j et nonfidence
Company were only mareinally tor ,he ww* 01 easUerum aiv t . ,muTe " n qujei e
improved From jr-Lf 7k denda - indtcaUons arc cm avail-

pm ro abltj whether {UvWwds concerned an-

134 . Vim. for the hall- . year to interims or finals . »M the sub -divisions
September 30, 1977. shown below are based, mainly on last

The directors state that in most yeas ' s unetilble Tn j., v
arefls in which the group operates, llrt0 rtm^ob n ^r£I wfliiam Coo*
trading conditions -continue fair isheneui. cow FieWs of south Airica.
although adverse .factors will also H*mi*iBo*ICrtinn-

affect the second half. Having Wwl »~ c Pi!*

regard to these and to the heavier FttTU ” g dates’

tax charge expected, they feel that consents! Mar. n

the full year results will be Cup* Allman latcraathunl Mar. :i

reasonably satisfactory. iia*cM /jobn> - - ij

For all the previous year, they w gJ 1 £. w,> ft

reported a record 173.38m. ace Machinery ....... ; F»*. i

* U Thp 6 ' iniPrim I. Ete C IS?rr» ..... — £«■ 31 BUILDERS. DEVELOPERS and

aliped ul lwn 4^ to So nit idwiiTtiS-l- s timber importers Y. J. Lovell in-

-3^ oSffi? thf directors SUrttn£ ^ V' ■ . , VVb ' 1 *>»«“ *rom

announced that they, expected to

Earnings per share are given as
125.6p (22 4p}.

Record
£1.7m. for
Y. J. Lovell

recommend payments for the
current year of not less- than 15p
(equivalent 10p) per £1 share ^ '-.

First half profit is' subject 'to
tax of ft 3. 44m. (XlS-Sm.) and after
minorities ' interest and pre-
acquisition profits .of £L33m.

<£2.9lm.), the surplus available to
Ordinary holders, before extra-
ordinary . items, expanded ' -from
rr B.i Sm to flfl.SSnt. . , ■

As already . announced, the SCOTTISH-BASED food distribu-
group's interest -in the Nigerian t0ES Watson and Philip expanded

Peak £1.2m.
by Watson
& Philip

£ 1.53m. to a peak of £1.73m. in the
September 88. 1977. year. At half-
way -profit was £99,000 ahead at
£711,000. “\-

Turnover for the year climbed
from £4 7.34m. to £54Lllm., and of
profit,, the building and allied
trade operations contributed
£lJ3m. (flJiSm.l, and timber
£0.75m. ( £0.6Sm.), while losses of
£174.000 (£84.000) . were incurred
establishing, associate companies
overseas. .

Directors say that 1978 has

subsidiaries has been’ reduced pre * f ®f fr?® -S 864 -*® 0 t0 3 he mm reasonably ■ well, but In

in accordance with the Govern- 2"? "£"5 ,£^ ^Tof lhT MntinidS’ pressure

mem’s recuurements. from 60 ner ended October 28. 1977, on higher ’*f w uZZ: ZZ* -

of £57.74m.

aeainst on - margins they are taking a
cautious view of the- probable

mem s requirements, from 60 per
cent- to 40 per cent with the J“™° ver

diaries. However at the same com P* n 5' has had a successful Group properties were revalued
rime. the 1 Nigerian outside year but trading was becoming at September 30. to £8.1m. uith g
minority interest to the post-tax ™ ore difficult towards the end of OAm. .surplus arising. . .
profit has been excluded. - aS,v,«c Earnings per 25p share are

Pretax, profit for the half year ^^^tinued te ’ >,tlI,s conditions up |^ 2i.9p to 22. 5 p and

is some ,£3m. less than It- wonld a z«>vp nnai aivroenH "Msi* uir

have been if. the translation into tn A ^f! 3l ih? a r..u S thi wtal to S£9p net against 3.4Sp

sterling of overseas results bad benefits, ofthe , ast - .

been made at the same rates of W S SZ

evrhanffe an thane anolvfn? for m the P 8 ^ and he is

th« ; oa r PP «^ Si satisfied that the combat year Tawm .

should show continued progress. 7™ IB « aro ?

Tax took £577,000 (£421.600) £££ ^

leaving net profit ahead from Taxi

. _ £443.000 to £398,000. A final divi- Net profit .

• .- dend of L667S8p net raises the K! r ' — :

imry ID total to 2.43044 P f 2. 17602 p>.. paid gj,"* ; ;

p. from stated earnings' of 72p

profit-pays ffl »> JSJS fist ™ te « er

at £502,000 (£3604100).

a 2 -TOp final dividend, lifts the

the previous
directors.

See' Lex

year, say the

in

t-pays
interim

0977
- wofl
54.111
l.«0
174
1.706
74*
1.360
14
26*

.... - 1.278

t AdHaaeet ler EP IP.

raw*

rim*
47.S37
l.UBB
M
1325
145
1.380
. 14
' 239
UST

With terminal losses in Belgium
taking £64.000 Imry Property Hold-
incs achieved a pre-tax profit of
£193.000 In the half year to Sep-
tember 30, 1977, and the directors
say the second half should show
an increased profit
Last year, losses of £186.000 in

Brooke Tool
back on •
dividend list

Hambro Trust
has £120, 000
at halfway

DIRECTORS, oJ'^ambro-Tnist say

~ Wt a MMf dec, of

First-half tax takes £12 9,000 ; nK3 ^ fr^m £Si 900 to £I61,7tH) cause of dividends tram other in-

( £117,000) and extraordmary for lhe year to September 30. ~ ' '

debits of £20.0«l (£200,000) have 1977 Dividend is restored with a
been transferred to reserve. Out- payment
goings in respect of properties in M halftime profit had recovered
the course of development less f Tom *5,400 to- £52,300. The year’s
tax relief not charged against resu]t is sn bj«ct to tax of £9,600
profits came -to £17.000 (£34,000). (£2^00 credit) and after interest
Id the last annual report net of £116,400 (£130.7001. '. The

profits of £150,000 were forecast attributable profit is flfiUOO,

for the year -as were dividends of while extraordinary debits, of ceipts- are not -expected to show
l.fip net pec 25p share payable in 135, 000 last year produced. JtToss .any. increase and about half the
hvo halves. • ■ of £22^00. 1 ” .y available Incofne'at Deceiiiber^Sl

The interim payment is nojv de- Directors say. they comader.ft. vifill .bp carried forward and
dared -at 0.8p. The last payment unlikely there Will bp .atiy.furAeiS applied? to the final dividend. A
was 03p-uet for 1974-73. tax liability, gjj qatried tOTOar3;>^x(;'j.3-2p , 'tinal' was pajd lost -year.

vestments.. The. total available for
Ordinary capital u> £120.000 com-
pared with £79,500 last year.

On Wednesday Hambro an-
nounced an increase in the
interim dividend from 05p to
O.tS.lp net.

They say the second half re-

WHILE PROSPECTS of English
China Clays are not encouraging,
thc current year may yield' a
modest increase on last year's
pre-tax profit of £S0.4Sm.. Lord
Abereonway. chairman, says in
his statement with accounts.

He says that he wishes he could
express the same confidence in
the short term future as in the
long' term, but says with the
soundness of the group’s business
and the resources of employees
the year may turn out better
than the portents of likely de-
mand and general ‘ economic
climate may now indicate.

On the day side of operations,
he -says the group sees Jittle pros-
pect of securing increases in ex-
port prices for either filler or
coating clay for the paper manu-
facturing industry. Nor do direc-
tors anticipate any great advance
in volume, although some im-
provement is hoped for.

The other industries using its

china clay show only slightly
better prospects of requiring in-
creased tonnages, but ECC is con-
fident or maintaining its market
share.

In the current year expansions
are to be carried out by group
production companies in
America, Italy and Australia.
Anglo-American Clays Corpora-
tion has entered .n joint venture
with Flintkote Corporation to
produce a calcium carbonate
paper coating pigment. -

On the building side, it's main
work of documentation on public
sector housing is completed, and
although there is an appreciable
amount 'of construction work in
the pipeline there is little hope of
ECC again finding major outlets
in the ILK.

.To compensate for this the
group has shifted its emphasis to
the West Indies and more re-
cently the Middle East. Already
900 low cost bousing units are on
order or under construction in
Trinidad on a consultancy, royally
basis with full documentation. A
smaller scale operation . In the
Middle East has also been put ln
hand.

The quarries • division, which
last year- had invoiced tonnages
only two- thirds as high as two
years before, has sought -to main-
tain its prices in a weak market, •
and if .this continues the division .
should, continue -.to make a useful
profit contribution, Lord Aber-
conway says.-. .

Negotiations with British Rail
are underway fpr extension and -
modernisation of Associated
.Asphalt's London depot, and in
the Channel Isles bulk cement im-
port and distribution facilities are
to be constructed.

In the September 38. 1977. year.
Kquid funds of ECC increased
£l0.62m. /£7-3Im.) and at balance
date net assets of thc group
stood £13m. higher at £47.9ra.,
with short: term investments aod
deposits and. cash, at bankers at
S. 4 m. i£ 5 hl)_ v -• 1 :r-.. ....

Group ■ ■’grojpiftS.e'j.'*' were- * re-
valued. . at. October. 1. . and. the,.

£28m. surplus will be reflected in
this year's accounts.

Meeting, Hyde Park Hotel, SW,
February 22 ar 12.30 p.ra.

Statement, Page 10

Lonsdaie
Universal
up 36%

ON TURNOVER 25 per cent, ahead
at £26m. pre-tax profit of Lonsdale
Universal climbed 3fi per cent,
from £0-9m. to £154m. in the
September 30, 1977, year.

At half time profit was £134,000
higher at £585,000, and Mr. Alan
Edwards, managing director, says
the group is Strongly based to
continue its progress in 1978.
Apart from the expected poor

results From the retailing and
board packaging sectors all other
groups improved. Office equip-
ment aod stationery increased its
profit 75 per cent, to £0.75m_, lead-
ing the way and reflecting the

previous year’s investment pro-
gramme.

The result is subject to. tax of
£281.000 (£337,000).- and after

extraordinary gains of £6.000
(£32.090. debits) and Preference
dividends, attributable profit is
£948.000 (£324.000).

Under the provisions of ED 19
earnings per share are given at
13.9p, while under the “liability**
method at lO.OOp against 8.19p.

The final dividend 7s Increased
from 2.8S25p ner per 25p share
to' 3^404p. taking the total to
4.6324P (4.1475pj.

Derby Trust

advances

revenue

After interest and management
expenses, pre-tax . revenue of
Derby . Trust advanced from
£467292 to £530.330 for 1977.

UJv. - tax took £173,307
(£172,269) ’ and overseas tax
£14^205 (£12.0331. leaving available
revenue up 13 per cent, from
£302.990 to £342.818.

A ' final dividend -of 7.13p
(6.721p) : net. steps up the total
to T3.429p fll.8?p) per income
9hare.--

On^ December 31. 1977, the
X0.4m. -'deferred income £1' shares
became income shares of £1 each,
but-ohl^ rank for dividends 'in
respect 6f- 1978 and afterwards.

■ : ■ Net assets are shown as £3.45
(£2.-401) per 50:> capital share, at
December- 31. 1977.

December, 19S0. Of this £*m. has
already been paid.

The St. Kitts-based company U
also to be liquidated and distribu-
tion of its assets (mainly the
compensation installments) will
also be distributed.

JsL Kitts London's shares will
continue to be listed until the
final instalment of the compensa-
tion is received.

F. Pratt
slows to
£0.7m.

A SLOWDOWN in taxable- profit
from £526.130 to £261.879 in the
second half left the full-time
surplus for the year to October
31. 1977, at F. Prett Engineering
Corporation lower at £706.525.
aeainst . £938.380. Sales were
ahead by £2. 7am. at £17.47m. with
direct exports increasing from
£2 2m. to £3 8m.

The expected improvement m
the second six months was held
back by continued difficult
trading conditions, especially in
the constructional steel division,
the directors state The order
book at year-end was better at
£7.5m. (£5.7m.>.

Although these difficulties have
persisted into the current year,
there is now evidence of improv-
ing business, the directors say
They therefore expect, as the
year progresses, a return to the
more profitable trend which
existed up to the beginning of
1976.

Tbe net total dividend is lifted
to a maximum permitted 4_S121p
(4&>26p including additional
0.0442p for change in tax rate I
with a final of 3.l6S9p

1977-78

Tnraoier

li.iG9.Sll M.rtxMS 1

Tradiox proft

l.an.Gis

1.R9S.1IS

Depreciation

if*©*

3K3.95C

Interest

...... . 419.S9T

373.7<C

Pre-la* profit .....

- 7»J2S

W8.SW

Tax

....... iS.9IS

1WTR1

.Wt profit

630.867

S37 SIS

Mioontir*

79.S41

£.?!5

85.907

•57.231

Available

864.541

913.KS5

Ord. dividends ...

T25S.0K

»3S VOS

TO reserves . . .

._ 406.44B

684.777

Cmlln. ♦ including CKt lor prv-
vtons rear’s tax adjustment dividend.

St. Kitts to
liquidate

Following nationalisation of its
principal asset. St. Kitts (Basse
Terre) Sugar factory, by the St.
Kitts Government, SL Kitts
(London) Sugar Factory is recom-
mending members' voluntary
liquidation in order to realise the
value or Die assets. ’- 1'

-Under '- lhe nationalisation
scheme, compensation of £im. was
payable fn .instalments, up Jo

A. Worthington
does better

'Textile products • group
A. J. Worthington edged pre-tax
profit £2.700 higher to £151.200 in
the September 30. 1977, six months
on turnover ahead from £0R6m.
to £0.9m.

Tax takes £78.624 (£77.220) and
earnings per share are stated at
3.55p (3.4S3p).

Directors expect trading condi-
tions to remain much as they are
for the end of the remainder of
the year. Profit last year was a
record £311.615. .

The inierim dividend is up from
D.273P net per 5p share to Q-307p.
A final of 0 472p compared’ with
0.429 p is expected.

jvar Frt-rtous
•> tided Financial
31 ir.77 year

GENERAL MINING GROUP

THE GRIQUALAND EXPLORATION
AND FINANCE COMPANY LIMITED

( Incorporated in tke Republic of South Africa 1
Issued Capital — R597.5O0 in 11,950,000 shares of 5 rents each.
REPORT FOR THE QUARTER ENDED 31 DECEMBER. 1977
UNAUDITED CONSOLIDATED RESULTS OF THE GROUP

Financial

Quarter Quarter
eeded ended
3l.JJ.77 30.9.77

Operating results -

Development— metres

Ore milled — tons

Fibre produced— tons

Percentage fibre recovered

Revenue per ton ?52B.4

Production costs per ton

Selling costs per ton K9BS

Financial Results

Operating profit

Profit after tax from non-
. mining subsidiaries

Add: Interest received (paid)

—net

Profit before taxation 4.62S

Provision for taxation

Net profit after taxation

Capital expenditure 1.319

Prospecting expenditure ... 139

Loan levy 73

Notes

1. Consolidated results are given, as information relating to
tbe company only could be misleading.

2. Financial results are based on actual fibre shipments which
vary from month to month and do not necessarily bear
a pro-rata relationship to production and sales for the
year.

3. Operating results relate to tbe activities of group mines
only, while financial results reflect sales of fibre from
group mines as well as sales of other producers.

4. Dividends Xos. 52 and 53 of 24 cents and 2S cents per
share respectively, were declared during the year.

On behalf of tbe Board

1.57S

1.5S0

5.670

3.462

166.000

19S.0G0

732.000

545.000

20,276

20,506

76,103

57,433

12.2

10.4

10.4

10.5

R 52 6.4

R 532.0

R523.4

R435-S

K23Q.9

R233.9

R232.2

K223.8

USB 5

R9B :i

R93 0

R7I.7

R'000

R’000

ROOO

R'000

4-399

3.100

14.079

S.53S

274

16S

6S3

791

4.673

3,26$

14,762

9,329

(501

92

200

225

4.B2S

3.360

14.962

9,554

599

S56

3,100

1.450

4.024

2,504

11.S62

8,104

Registered Office:

6, Hollard Street,
Johannesburg 2001.
26* January. 1978.

C. H. WALTERS l ni „ AM
W. T. P. MOSTERT* D,rect0rs

BUILDING SOCIETY RATES

Every Saturday the Financial Times publishes
a table giving details of Building Society
Rates on offer to the public.

For further details please ring

01-248 8000 Extn. 266

■ : ’.r.i

Salient Figures

52 weeks ended September 25

• - - '

1977

.1976

£000

£000

Turnover

268,267 206,924

Profit before tax

20,468

14,595

Profit before tax
as a percentage of:

:

Average capital employed 20*6%

19-2%

Turnover

7-6%

7-1%

. Net earnings per share

169-2p

131-9p

total dividends per share

19-Op

9-3p

Comparison of
historical cost
and current cost
accounts

Historical

cost

£000

Current

cost

£000

Profit after tax

19,133

9,108

Net earnings per share

I69.2p

80.6p

Dividend cover

5.2 times 2.7 times

Net assets per share .

£7.36

£14.22

Results

the financial result^ were better by almost any
measure and represent a milestone of record on our
way to adequate returns on the assets employed in
_ the business. At £20,468,000 the statutory profit
before tax was marginally ahead of the forecast made
: at the time of the interim results and rights issue; a
40% advance over 1975/76.

The Directors recommend a final dividend of
13.8124p per share net of associated tax credit,
makingthetotal net dividend for the year 19p per share.
This year we have introduced two innovations. First,
wetiave made no provision for deferred tax. This
follows a review of our tax position which
demonstrates that we are not likely to have any
liability to pay corporation tax in the foreseeable
future. Second, we.have included a statement of
current cost profits. It gives a more realistic
assessment of the profits in relation to the underlying
assets of the business and shows a reduction from
the statutory profit of £20,468,000 to £10,443.000.
principally due to an increase in the depreciation
charge. The revaluation of the assets employed in the
business, on which the extra depreciation charge is
based, is not incorporated in the statutory balance
sheet. Even on the more stringent basis the dividend
is covered 2.7 times.

The achievements of the year were considerable.

. Sales of sugar advanced from 770,000 tonnes to just
' under 900,000 tonnes. This was achieved in a highly
competitive market.

Strip Issue

In the year under review we committed nearly
£30,000,000 to fixed capital and required an
additional £20,000,000 in working capital at the year
end. Wewere encouraged by the response of
shareholders to our call for a "heavy” one-for-two
rights issue which raised just over £18.000,000,
made more onerous in the market by the decision of
the Government not to take up its rights, which
reduced its shareholding from 36% to 24%.

We are proposing to bring our issued capital more
into line with the underlying asset base by a one-for-
one scrip issue, thus capitalising £15,000,000 of
reserves, and to split our shares into 50p units with
a view to making them more marketable.

Prospects for the Current year

The crop this year has reverted to a more normal
pattern. We were encouraged to receive continued
support from growers, after three poor crops, which
enabled us to maintain the same acreage for the
current season. The high sugar content and almost
absolute absence of disease will compensate for the
yields being still somewhat below average. The
income from beet this year should give the growers
reason to be pleased that they stayed with the crop
after the three bad years.

The Company receives no subsidies or aid either from
the UK Government or from the EEC. The distortions
created by the large gap between the green pound
and the market exchange rate of sterling has put the
Company and its growers at a disadvantage
compared with their main competitors. The current
year is bound to be tough for both the Company and
its growers under such circumstances.

Position of Strength

The British consumer requires a secure source of
sugar at economic prices. The Company is a low-cost
producer of sugar when compared with any
continental producers or its UK competitors. This low
cost structure will allow both the Company and its
growers to prosper when true market forces are '
allowed t6 operate within the EEC. The Board is
determined to maintain the Company's relative cost
structure Its determination on this issue and its
confidence in the Company's future can be judged by
the recent announcement of a two year capital
programme costing £70,000,000 to complete the
capacity to produce 1,250,000 tonnes of sugar in the
1979/80 campaign. The perseverance of the
Company and its growers will reap benefits in future
years to the mutual advantage of consumers as well
as growers, employees and shareholders.

Consolidated
Balance Sheet

CAPITAL EMPLOYED
Share capital (authorised,
issued and fully paid):—

1977 1976

£000 £000

Ordinary shares of £1 each

15,000

10,000

Reserves

95,458

65,797

110,458

75,797

Deferred tax

—

—

Deferred credits

2371

2,578

Loan capital

20,700

UMO

133,529

89,375

EMPLOYMENT OF CAPITAL

Fixed assets

92,868

68,732

Current assets

Stocks of consumable stores

16,123

14,255

Stocks of sugar and

other products

16,102

6,340

New sugar beet crop

4,421

3,743

Debtors

21 ,338

14,418

Bank balances and deposits

9,398

4,123

-

67,382 42,879

Current liabltities

Tax

1,335

500

Creditors

23,314 21,060

Bank overdrafts

—

211

Dividends:—

Final (recommended)

2,072

465

26,721

22,236

Net current assets

40,661 20,643

133,529 89,375’

British Sugar

Corporation Limited

COPIES OF THE 1977 ANNUAL REPOST AND ACCOUNTS WILL BE AVAILABLE AFTER FEBRUARY 6 FROM THE SECRETARY. P.O. BOX 26, OUNDLE ROAD, PETERBOROUGH. PE2 9QU.
THE AGM OF BRITISH SUGAR CORPORATION LIMITED WILL BE HELD AT THE HYDE PARK HOTEL. 66 KNlGHTSBRIDGE, LONDON S.W-1. ON THURSDAY MARCH 2 1978 AT 12 NOON.

22

BIDS AND DEALS

But better times are
ahead for Amgold

Brittains gets
£2m. boost

BY KENNETH MARSTON. MINING EDITOR

BY JOHN MOORE

Equity Capital for Industry is 2976 levels, short term borrowings

£3rn.-£4nL.

around dm. of
medium term debt.

. “ u “ me move is -ueugrrca to pro- - M .,_ nrn „„ ...,.,.1,1 .i,,,.*

pany. Anglo American Gold By now the rising tide of gold the plant, which will give a major vide ihe additional capital needed SH •»« nTim* the

Investment Net profits for 1977 mining dividends is flowing stimulus to the local process f or a major investment pro- JJ”®" tJco £5 , tioSd

have come down to R4l.3m. through to Amgold and the engineerlng mdustJT. win be over gramme, directed towards the K3^5 tamrn rate snK

(£2-L7ra.) from R45.4m. in the current Ualf-yrart results should WOOm. <faU».). modernisation of fte paper a rigfaSS, ^ecS?y s^ the

previous year and a reduced final matte a bright showing with the *

LOWER profits, but with the ject to a time-lag between the posals from Standard Bank and equity Capital for Indietry is 19i6 lepls. shorttera

indication of better times ahead, declaration of dividends on its Its local subsidiaries to association wafariiu

come from the Anglo American investments and the eventual with LDC, the local associate of capital for Brittains., the fate fiord whue theretvas arot

Corporation group? major South appearance of such Income in the United Dominion, and a leasing store-based paper group. wiSTa market valuauon

African gold share holding com- investment company’s accounts, specialist The capital sum on The move is -designed *" " m a SUKK marKet ' aiua uon

.... 4 r-.M n.r now Ihp Heine* 11^0 nF mid ihp nlnn I u-tliph will sK'B H manor T-iHu Tkn -.ddiliAnal (Fa-nil,

dividend of 85 cents (50.6p) prospect of further good tidings
• makes a year's total of 165 cents in the second half. Amgold lost
. against 180 cents for 1976. 2 to £15* in a generally weak

i&tt 197* share market yesterday.

RODS ROOD

■nvestraenl Income 45.15? 45.930

337 ' 1,788

Messina omits
its interim

rK a rights issue, especially since
activities and expansion of the ora dose to nnr mii»

plastics division, ft will also ex- *3J*“

Mr.

to see

" Iscor develops

-•Tderwn'irs commission.. W7 77 » nn 1 /Inruvrif
\d ministration expenses ... 1.016 - 1.256 V,vd.A ^JvIJUaH,

! merest paid I.SS9 37: ___ . . . _

.'merest ...

surplus no realisation of
investment*

L796

pro-

them

He added, “it is important

THE WEAKNESS of copper prices initial introduction wa£ arranged

ssfff ssss f£.s a* at of

South African and Rhodesian As a result or the package, moderni^tion

copper mining and industrial vnj vvill be entitled to between ^ aram ®- 11 . . wiU help •

.il *2 FFto'S'ifFSI i^SSSSss zSsFE tt* 1

... „ «j« sel^t blend unking cod deposit 3?'^'?^ the liSeM jJSFKS of ■" Ntllira L ^S

, .n e.-ssr^hss.^ saSSsSS s rss s » £- 6 fs

! §&£ ^sr€JS

Financial Times Friday January 2? 19 iS

• NEWS ANALYSIS— REED’S SALE OF NAMPAK

First major step in

retrenchment

BY NICHOLAS COLCHESTER

Reed International’s purchase pany in November, WT3, w-k f^3t ^mpor inlwreis^in

of Nampnk. the lareestM ctasms cause of »"*«««*?■ _“£“ “? £Kr and S: The Heed
company in South Africa, was prices for its Initial jv- per jp lt off. will eifub-

completed to January 1976— well stake: 34.25 a share to SL Hes-s ■ Corporation's dnmm-
after Alex Jarrett too£ over from the paper company «*“«?*£ itfthta nertor. The other

Lord Ryder as chairman of the cent, holding, and Ka n a. 3-40 10 * in thp bnrinewi nre

company, lt was a deal that went public shareholders— a sum tote! those of Anclo American, through
through In the transinonai period of £25m. It also undertook to JJJj Rarlow Rand

before Reeds, new top manage- buy a 10 per cent, stake from whij . h te cw»tiy bought nut the
raent fully realised the u deep the then chairman or Nampas, ^ African paper interests! of
financial waters into which the jjp . Oscar Fruman. nvo years ( .sfantUni; U.S. partner,
mum-national paper company was hter at a price of US* ? vvevertuuser.

sailing. ■ . Mr . Frnraan exercised hii ri^rir ^ ninn Corporatta£ , WO s Mvrlf

Yesterday Nampak, one of the l(J ^ other day. at a embroiled, in a major takeover
.last building blocks m. Reetfs advantageous price to himsell— vears a „ 0 ln which

^ambitious expansion, was singled the market price for Nampak was p ic?WB tlf south Afr:~r, anil

out as tiie first major disposal m Rajjo—ajnd at a cost to Reed * Afrikaner Group Hcneral

^mtfptKtins expenses
Prori»1»n asalnst Il-aqs
before tax

Taxation

Pmfli after tax

The

second half of 1977 along with

he recovery in the gold price P^opmem of the opeD-cast mander h. p. p. Grenfell, said «-™» « “SSnbmo^w ™ ted ^ then >’ and the James

ne recovery m uie roio pniv. mvne which will treat some 13m. that the group's performance in snares or a, ana xaw,uuu L4 per ju e jii nenslon fund. Thic amnnnjc

pomtrng to better things tons of raat erial annually for out- Sf firet Sum S Senurent “?. L Convertibles Secured Loan JNeui pensl0D iun<L Thls ^onis

cn the resumption of share nuf Q r 2m, tons of blend cokme i™ that than ie 199o.

Also

ias been the resumption
lea lint,' profits.

put of 2m. tons of blend coking year has confirmed that there is
coal and a Further quantity of jjttle hope for improved results

to. 2,118,758 new Ordinary shares

ECI will subscribe tor £500.000

hiuim pruiiui. coal and a funner quantity or i itt i e hope for improved results issned rinfinarv share

Investment income in the first fuel for power station usage, was the fill period. Apart from «* Pr^erence shares (as well SJfeS w taSSS d Sto? Shto
ilf of last year dropped 20.6 sta rted to 1973. Since then, delays {h e Rhodesian Olangula, the as tor the whole of the Con- 23 creasea Dy me n&nrs

ir cent, to R21.3m.. but it in the project, which will cost irou P ’ s mines are operating on, yeruble Secured Loan) But exist- “ UB -

-.eked up in the second half with over R200m. (£118.2m.). have been br near, an unprofitable basis. “5 shareholders and holders of ______ _ •

.he result that the year's total caused by Iscoris shortage of Failing a substantial increase in fh® 10J per cent, Convertible De- 11/ 1 1 IrmcAn

»f R45Jtm- was only R1.7m. down funds, in common with other the copper price, therefore, the benture Stock 1991-WTof Brittains .▼ *

>n the 1978 total: it must be primary steel producers. . contribution to profits by the wifi he offered an opnortunfty to TAyf a A_l_ L i

Match holders
concerned

current financial year, which ends Originally Reed Intended to put peted for control This was pit-.

to March, Reed^has sold bits and aI1 . its 30^. African huslneffics te , for contr0 L General

pieces of Us business worth a iirto -Nampak, but in Uie event ^rfnin^’N .suw-ss in gaining eon-
total of about £30m- jx the lt 0IfIv SO ne halfway in doing trn[ 1Hlt ^,0 prosiuii-tivc owner uf
negotiations for the sale ofgeefl s th1 Tjs f autumn it sold Nampak ^ amp3 k Hrmlv into Afrikam-r
major South African interests to ^ ts of t h e external interests hands.

Union Corporation are successful, j n best with Namp a k»-con- inicrnatnmal is IcO with

and if Reed gets a wod Price ana slgting of four packaging com- African interests In build-

is allowed to repatriate -the pan jes and a company making j Q » products— those of Twyforils

on favourable terms, it may f 0r scientific recorders. and Key Terrain, which it could

double that figure Th e terms of this deal trans- no t readily merge into Nampa V.

As the news was announced the ferred RSm. of Nampak's liquidity aD d its paper me rch anting m-
South African manage men t of j 0 Cdrp. They were, care- tcrests— chiefly those of the Ree»i

Reed Corporation were stressing gemtinised in Johannesburg subsidiary Spicers. Tlii'W busi-

tbat the deal was purely CQ!a ’. because it was well known that nesses have a turnover ui South
mBrcial.” Buf at the J^enr wanted to use the money for .Africa of about £30m. our of

company’s head office in. «cea- another 0 f Reed's many cash- Reed's . total turnoi er in South
dOJy, the line between com- h - npp v projects, the S ranger pulp Africa of £33finL Asked whether
merdalism and politics was -vUnaner venture. Stangcr was these interests would be up tor
blurred. “It was no secret, said five ago “back sale. David Cormie rcpliwl "I

David Cormie, . the finance. _u_ W bien we were build- don't know: lets do one thing
director, 44 that if a suitable . mills anywhere anybody at a time.”

opportunity arose, K f ed wanted them " as the finance In both Johannesburg and L**n-

Interested in withdrawing from director nut it. lt is- a joint pro- don there was total silence yester-
South Africa. The Reed manage- ^th the South African sugar day on tile terms Reed might,
ment did not “tend to invest -Q—p-py q_ q. Smith. The idea negotiate fur its sale of the South
further In South Africa and m to use the steam from the African bn-sines'se*.
su ch , a situation the Jntereris of . ar mlu Md the unu sed parts The market value of Keen's
and^IocaJ management ^ sugar cane to make coated holding in Nantp.ik war. R4irin., or
clearly diverged. papers The plant came in stream about £27m. But j»y sperul.itiun

The deal- . makes conMnercial second half of 1976. with on the final amount is tump lie:: ted

sense in that Reed can only sell ^ usua j start . U p problems, and by the terms on which * nma
businesses that are sellable. Yet iat0 a rn f » ngr market The total Corporation will take over the
in Industrial terms the offer to investment in Stanger to date is lass-making and almost exeiu^ivvLv
sell Nampak does not conform about R70m., mainly financed with debt tinnnreri St auger ivpcr
with Reed’s stated strategy of con- ; n nng guaranteed by Reed and mill, lt ut also difficult to see what
centra ting “on the mainstrMm or. gmitb. In the six months to proportion of the cash Reed will
Reed's business.” Nampak is a September 1977 the mill - gen- be able to take out nf South
successful and profitable packag- erate d a loss of R8m., or about Africa without differing Hie 32
Ing company, and packaging- is, Itfi ,j e bt is, counted as a per cent, discount on tho

and will remain, one of the main contingent liability in Reed Inter- securities Rand,
thrusts of Reeds business. To national's balance sheet. Reed's management ik clearly

this extent the decision to seu Given its unhappy record to hnpcfui that a way round fhi.%
such a company seems a clear ^ dearly advantageous problem can be found and tlias

reflection of Reeds view, of lq^ p^ed to be able to package Reed will emerge with « Mini n«»t
economy _iii- which; Jt. operates.: - . stanger with Nampak— ^the one far sort of the £31m. that it pant
Reed baa run Nhmpttk for otdy. making the other palatable. Union for its 62 per cent, stake in
two : years; i Its bid for the com- Corporation Is a mining, finance Nampak.

CLARK TO WEN of son * e being in: or is required to pmvh.ise »iie

rh2 erS rf,™ l ?!?«ti!lS * * * I ~ The “convertible secured loan Dteeussions are known to- have W EVTOUft ! C . < Me5nwhlle. paj-Tnent of interest puiSsc h »Sw'1w a £?4m f ? r |iI» , I 1 .

UaSs of major oil group’s! D AM ^n’r tlw. ' Hudson. Bay Mining and Smelt- IjiSSSSf? ^2^.F3S 'OnF'E In ^Unusual ending to a bid due for half year ending Ebtopprilsr in ca^nnd P..r«!y in

IVlr. John Finley.' the Exxon
■xecutive who is becoming presi-
lent of La

S’SSL r 77. . vSSrrt&f lead-itoc *" deposU and wi » he convertible between not anxious to pre-judge the Issue S'" bid" tor ^"Stolkl^tTa - .ShouJd the scheme proceed tax. were £l.95m. and tm-.r proms

ustify a. major expansion But f UD P 5G r , THE 1 ,^ r ^ °r m C |m ’m 8 60 mlles a wav from the centre of , 1 -S 1 J ind 19 ?°’ at 52£°! tfl3 J ee S* fore *Jj}* details are known, pr i v fte company set up by five appropriate amendments to its before taxation for 2976 £4Uti,rtyi'
h? invertmenfwiU SSthToade If Is th ^ < ^ DS ? Udat « l Gold Reids operaci0 ^ at FUn Flon in Ord^ary shares of^Bnttam for The Wilkinson Match ^ and Win tour dir^ors nith the toten: provisions foUoiriog that terminal

ie results 1 of Vn* explosion pro- . R R e “^“ ^^7%' sellers are Free- £ n ** h *W A . ^ through SSTtSover VVmtour Siterest payment vvlfl be put Rrr/m vr .-

'ramme. lasting 30 P montbs and Ren J? on r BeU «w» Tasmania. Net p0ft Exploration and 12 financial adnsers Hambros Bank, stalkfast - won irrevocable before the court for approvaL (. ■* v

'osting S7m., are not satisfactory. Deremher ^^have advanced to Beth-Canada Mining. Hudbayisto ?M5^when Pb it be^'firmlVy ^ acceptance by Wintouris Board As known the directors will not DIAMONDS

Despite the tentative rature of Pfo^m /iiiETl from an pay a ro - valty of 25 cents for renavable 1 ' 5 j? PQ^on <* fwhich controls 17.17 per cent make the scheme effecuvt? if this The offer by Chirk Diamonds

■he plans, the declaration of in- usiSulwrro ind every ton of ore mlned - Howvrar ECT-i subscription is m, " orrty ^ ol l ers - n of the shares) of its offer (worth risk of ACT assessment cannot be Pensions tor the 3.67.7 per cent,

ienrion suggests that Exxon has f h d l U ( ?i d ri *^dend boJrted ro co?dkS on the wmo S of , Aceountanto Coopera and S2]j> in cash but with a share eliminated. Preference Stock of B ritr.h

nommnni," h»w «i«w the lotfriin "- ,v, . dend 15 boosted to two by SJ' ^rouD £ f bnmd stxU .^, ** alternative also available) late:io luveslmcut Trust winch was

two transactions ny xne ? roup^ _ n f nrenanne a fall reoort on nnn>mh«r after CJark. hart marto. • _ . _ • declared unconditional *m

December 12, 1977 will remain

Listin g

Exxon plans $l.lbn. Chilean expansion SC

"emembered that such income ' The problem has been solved by mining side of the business is apply for the remaining £im. of

ioes not accrue evenly through- inviting a bank consortium to unlikely this year to compensate Preference shares on 1 , the same

mt the year. arrange leasing facilities for the for losses on the industrial terms as. ECI, which will take up

As with all investment com- beneficiailon plant portion of the interests, he added.' Messina feD any shares not applied for. How

lanies. Amgold’s revenue is sub- project. Iscor has accepted pro- 6p to 90p yesterday. the application is to be arranged Final details of the • deal

has not been decided. whereby Allegheny Ludlum

Lasting will be sought for the Industries Incorporated, the U5.

Preference shares on the' Stock specialist steels group, is to gain

?® but the Convertible voting control of Wilkinson

— - loan -will not be- quoted, jviatch are still being formulated.

iXXON MINERALS International, terested and announced its offer (5.12p) a share. The shares were coUlrtJbl^'bSmeen 1981 ^ and £ ^aiShSdS

i subsidiary of the giant V£. oil in December. The contract just £10{ yesterday. 1990 tori usive into Ordinary shares bef ^l KrSdofriertSSShto?

lorporauonjExxon. plans to spend signed m Santiago provides for * ★ * ' of Brittains at the rate of three apnrowai^ at hSd

•l.lbn. (£o63.3m.) expanding La Exxon to pay the sellers more _ . .. . -.inino in Ordinary shares for each £1 pre- t0 held

)U>putada de las Condes copper than 886m. in cash next month Th e South African mnung in- , share. probably m March.

nine in Chile. The scale of the and the balance after the audit- vestment group, Mrfdle H»fr \jnti! the converalon rights haVe J* the meantime, institutional

n vest ment was disclosed as Exxon ing of La Disputada's books has watererand (Wertern Areas). expSS SI Preferenra Shares wiH ^are^Were in Wifldnson,

^ COmP, '' ei cMa holds h, S Mr “X a ..”?ec P eCr ‘ . **§* S( « «h°,'

\ n h% ro m r i„ s r? s m ^-nf 3 s Siby , h e •msrSLSIU^ S KSStJHES 1 JSiMft SSSS?" A ?SS-Sffi mW-J?* “ »■

Reed’s retrenchmenL . In the £g m

Mining and Fitleral Myabnu com-

Renison’s tin

DisputadaT^sa'id^pre- nrnfjf HoOSt
rveys indicated that F lU1U uuusl

ccepted the commonly held view ;«> t
■ f copper shortages emerging in J y^vt-
he 19S0s. However, the group is The previous year's interim was
cting against the recessionary S3 cents, equivalent to 17a cents
rend in the industry which has on the capital subsequently en

SAADPLAAS hit
BY COSTS JUMP

nnYi inTEwiho arankhinn «F of P re P arin fi- a ftHl report on December after Qark liad.mada w/vApnAc/cirv
?ivora^o Ud ^nnfr a< ^»'i lU0 !!oar True*Temper; the ABegheny sub- two offers,' the highest worth SSp' NORCROS/S.I.fc.V.
oivercote raper juui.. near Hr. imiirin.. - . .. - . ;

Oxfotti from Oxford Univendto *>*ary be acquired by WUIon- m rash. • f . . . Noreros has subscribed at par open at least until February M.

Brass fnr ft 7m to he toiunreff *° n ,n exchan « e foT sufficient This did not deter aark which for lWo thirds Q f the share rapiial 1978.

>en manifest in widespread pro- larged by the one-for-one scrip bv^mi bsue nf" Ordinuv^ shares shares -to- give. AUegtieny more had akeadju^oa accepUsfces^ ^ r ' 1 * '

luction cuthacks. made to June. A final for 1976-77 THE COST of the No. 3 shaft by sm issue of Ordinary shares ^ cenL f ^ %V UkiD- options over 33 per cent of the Tranced

ta*,***. “| h J ix r m ^ oE ***., it .N-d ig**m m 'av. Wi

Aeceptancca of the Pretoreitv*-
offer have been received m
S.ULV^ with an . issued share respect or £1,362,439 nominal nf
capital "of Frs56nL, manufactures Stock, representing 75.35 per cent.
’ * ' ' * 1 windows, cur- of the issued Preference stock,

steel structures

new company- in

tv||U11 ijunnivna. iuoug 4U rt UUbU ^ iM _, t ».■••***«•! -• . ^ — - - man ■ nor »*nnr rvt rna ivncm. uuiiuiik uvrr ( u uci Lena, ui uik X’^vAJh..

La Disputada has two main of 32.3 cents was declared on the development at the Anglo
leposits. The latest figures show bigger capital. 0811 . Corporation s gold

hai one
eserves
opper

onnes grading 0.72 per cenL
■opper.

The Chilean Government opened *h« — —

he mine to bidders last October. oart hSf-v^ aTouS to 2 607 yesterday ’

:xxon was the only group m- f 0 a f ne h s cim^Sred with & u . Hte explained that capital costs

a vpar aeo had risen at a higher rate than _ _

y 88 * orginally forecast and warned that SECOND f® nt *? - . _ , _ . , .... .

additional funds would be re- RRDAnMOTTNT 11 CDn ^ aI ^ - Dews officim esn- the shares to Clarft. tors ana worK-m-progress. sidiarv of

aulred from shareholders, nrob- i mate of £1. sm. pre-tax profits for - ...

ROUND-UP 4 ably in early 1979 The shaft will The * of . Second B™»dr year ended October 31, 1977. C.AR I IOT /TYNESIDE (Europe).

nuunu di • U’bunt Trust, the investment trust, volker a civil enflowrbur ' * , ci5,uc M - T MFYFR - Th ? t consideration m bring

A $35 m, (£17.9m.) eight-year be , /f M ^ J }. 1981 ' eompany now subject to voluntary group based ip ; RottenSm. had The tax problem outlined by JJ,* Wy ^ Heyer SSJS 11 - S £,“ e 21 l':‘-T u new

loan isbring raised by .llarcopper Mr - Etl3ered P e did not specify liquidation- proposals from the |g ke f for the estimateas one of the Boards- of Cazllol Investment has entered 'into^^n ? ares , in f OI hergi» which have

in ing oF 5 the PhUipplnra to an amount. ,sa>1ng_ that the extent unit trust group Chieftain,' yester- ^e conditions of the bl<± Jriisl and TyneSrtte Inwatment wiUi the shareholder n ^ *

BANK RETURN

WV.UwmIhv
J an. ES
19TB

Ihl'. i 4-1 ui
l.ir «rek

RANKING UKPAK1 MKN'I
LraiMLItlV- . E £

■spin t4.w5.UlV

•uhlw ♦ 2.601.082

i -via 1 i>ci*t»ir- -i.aca.a5rt.ono —

brnki-n t»'2.29H.100 + 135.405.76'

H«iw i Ollier

•\ O

ASSETS
hwi. So -unrip*.,
.ilrnivl iOiln-1

tvini'***.

A HtlH'rirnL

il4n

.-16.114AQ

J.au.a5Sj»B4 -

-I13.1SI.1S7

1.470. c 51 .(V?

-o50^7<.399

W2.lS7.an

_W4.M1.OfiO

. u-.'.-Wto.^rr

+ 13.f37 .

y.TM.«or

+ 19.&3f-3M

it-J.MS

- 4.7&S

h5.i3i.im;;

ISSt K OKPAll lMfcM

iJAmmii:-

i:

I- m-l. .. . ;7.t>7if.UOO.lXM - 25.auO.OQu
In I'lr -n jI i<in..iV ( MniV. 14 ■- I'.M-J.Hi’
tullnua*^ U,'j4. 24,fVn>,«Si ^ 19^36.554

.ASSKT?
!.*u. EVMo. ..

UhlT li.rtl . >1‘

nhv* uni !•.•

.. U.Olf-.Kw
. *.?<C,3iV,7a3 * 10X22.CK3
. 1.0U?.779.Un’ - 14.9T7.05U

i.9i»AXV.OOO - 2S.lXM.U0

oenems 01 mercaaeu imiuucuuu n al estim a te ofESOm Mr Denis Ior Xim - easn. in tom proms 1“"^, that its own nffprtwac less attrap- _ . . .. , PHTHPDf^TI f

and of the new concentrate leach- Ethemtoe the chahmwn toldtoe were «88-«», but had risen to before the full Takeover Panel, wt ito _own offegvras «trac The Noreros subsenpuon of * UltltKOlLL
ing plant. Output of tin metal aSurimeetine ln Johannesburg £200.000 by last year. headed by Lord Shawcross. The JJJ SJLJJJEJJ". TXwal ^it FV ^? 4 ^ has been AND HARVEY

J * r~. *>-- annua '. “meting in Jonanne^urg BritUins J : borrbwing in the tost Panel's executive has ab^dy ^nel ™de by E^m. in cash and the Subsequent to the . annnuntv-

finanC ' a * 7eiI were unchanged on g.«n D. E =^ea<. to .he deaL »■ S' ffiKS ££■ JUTSS

SECOND 7 sen, to shareholders yee.erfey. M S'S.WtfS f™'

BROADMOUNT lr contained Devv ' s official esti- the shares to Clark. Treatments a wholly-owned sub-

"wc?

Achcson InduMricx

flnam-e rt»y ptotfm p n ? f ^ the requirement would depend day announced that it 1 has been _

tonnes ore reserve at San on the ,evel of ^ bui h° n P™e- having discussions with various proposing a two-for-one scrip The ffigh |3ourt has rrot and ■Oiekeu's** Maud ajs* ^Timber

Antonio. Placer Development of With an extensive capital pro- parties on alternative proposals. issue which would value- the bid yet ■ been asked to approve the under which MLM has been

A. part of the deal Dew te Trrit h hjtfll m- aTBStJ^&'aSSSSSrt 1“"“ t0 “»*• " ftlT «-

interests.

* * * In costs. In the last two quarters,

Australia's Endeavour Resources when there were no uranium

Saaiplaas is vulnerable to bullion I ^?^? rs . tl ? an the scheme -which volker has already 4 ’ received on January 30. 1978. as previously 1078. ** “ n| ' lu ' tinue brtweeBii«jnw c Triut and

Price movements and any increase I am nas put up. acceptances, representing 54.7 per hoped. • ... The companies trade as timber London and Sl Lawrence l'm-svi.

' The directors, .through their merchants and as retailers of ment but cc L - ^ WT ™ ce

However. further information ^ Dew ’ s [5^^ capital,
ion the alternatives must wait

has sold its Austral ian-Thal Tin profits, the mine made an operat- *he Board considers that it KUWAIT BUYS 8%
subsidiary to NL Industries of ing loss. has arrived at the most beneficial f-|f? r/tav a vai AM-

New York for Sl-lm. (£567.000) .. t • . . . , solution for all shareholders— and ivial/i i ftLAM

cash. Endeavour will provide *,!? *51^f r v£ V o?t2 i 1131 iS not Ukely t0 ha PP® n before The Kuwait Investment Office

management sen-ices for at least S Jt J anuar y 31. when proxies in re- has emerged as one of the institu-

two years for Australian -Thai mar '* e t an — closed yesterday at sn 0 nsp to rTitoftaln’s «ill for an tions which bouerht McLeod

which mines barite ore in II” 1 u from 1977-78 1 extraordinary general meeting are Russel’s 32.8 per cenL stake_ln

Southern Thailand. Endearour is
raising its authorised capital to
SA30m. in 60m. shares of 50 cents.

At present there are 36.7m. shares
in issue.

peak of 126p.

MINING BRIEFS

THE NDUNT LYELL—

* + *

In New York y ester 1

5ARCO, the international cot.. __
producer which recently received Realisable—

Ore Troatruent ttosnlu

ILl.ra

12.1.77

On? milled iTOnnesi

WOW

1443.487

Average capper grade

I.S-H'.i,

1.034 c 4

Con ceil iraies Uonnest

S7.BS9

40S07

Grade ‘cooper)

Realisable—

2&34‘i

sairi

Capper itomtcsi

9j52

10.273

Gold (grama) —

289J9S

IK .62?

Silver ignuns) ........

12M6.4^

1.CS2JSS

due in. Chieftain is confident Malay alam Plantations.- The
that it will- receive proxies for the K.LO. has bought S!09 per cent
10 per cent, of the equity which ■ of Malaya I am as a cheap way of
it needs to be able to require buying a stake in Harrisons and
I that an extraordinary general Crosfield. H and C Is offering the

equivalent of one H and C share

| meeting should be held.

NEB/SYSTEMS
DESIGNERS

Systems Designers mid .the
UK.G27 1 National Enterprise Board have

for every 11 MaJayalam shares in
its current bid for Malayalam.

MIDLAND BANK

The Midland Bank has agreed

,Y MARKET

Signal on interest rates

completed the agreement K

announced on October 30 under i^ri

shares for £182 00? in°S5fiod 3oInt international operations
te . with the development of its own

PrayMe a £300.080 branches abroad.

£“ faclllty . wb ' ctl coulci _ be The other shareholders, Over-
caned upon m stages over five sea -Chinese Banking Corporation,
years - Great Eastern Life Assurance, and

vn T vtd /raiTAx/ Overseas Assurance Corporation

VULKER/DEW remain unchanged.

Bank of England Minimum } per cent Therefore the Bank the same number of houses. °ffiri^. offe i| document tor Midland intends further to

Lending Rate 6i per cent, of England probably felt that there R an k haimn-t v»n. 9 inne Volker Group V £7 J)5m. develop FOCLs role in the Singa-
pore January 6, 1978) was no need to reinforce the sig- *i e T !!? *** CJUh b,d for G- »» ™ P° re toance lndustr i r '

The authorities gave a signal to ^SSkSffS

he London money market yester- rfjHons m the market and the ® ovenim e n I disbursements over

lay that U*y rtoao, iSVSf IS' ‘USi, hSd aT^t^fal] 1 * S

1 change in Bank of England _ vpn i_ t tn ii ia T Mi Jt cnet l ue r- and. a slight fail in the

, linimum Lending Rate Urn »«k. S ^ (Sriytoe'SS

This was the second obvious out guidance from the authorities, take-uo of Treasury hiHeirnd ^
pportunity to send a message on Day-to-day credit remained in wi made of Sie^xce^

nturesr rates on consecutive very short supply,, and the SSK3B hS™ mu borreSSl

ipportunity to send a message on Day-to-day credit remained in was nude of toe exran!

nturesr rotes on consecutive very short supply, and the tionallv la^e • excep.|

lays, but although discount bouses authorities . gave the signal to the on Wednesday'
juying rates tor three-month market by lending a small amount
i'rcasurj- bills had pointed towards for seven days at Minimum Lend- Discount houses paid 6-61 per
1 cut in MLR since the beginning mg Rate of 6) per cent, to eight cent for 'secured rail loans for
»f the week, there had been or nine houses. Further he|p was most of the day. In toe interbank
10 evidence of any pressure or given by lending an exceptionally market overnight loans rose to
:ntousiasm for a fall of more than large amount overnight at MLR, to 8 per cent, at the close.

Jan. ie

19 1 :

sterling

L'ertitimie

of depwila

InteibsDfc

Luull

Autbodt>-

ileposit*

lM»‘ Alltb
nogottabie
bOBila

Fi Miree
House
PupMIta

Company

Itofanits

fHao'UDt

market

deposit

Tttuary
Bills 4

Lli^ihto
Bulk
Bills «

Fine T ITU If
Bills 4>

lirmftii

64-8

—

—

7ia

66 ls

_

riit.nui 4 icv...

—

61b

—

—

—

—

Jan nr
rtsvsnrtire...

659-fils

6 I 3

61g.63 t

7

6 U 612

•neinnmli

6 .i 6 ti

614-639

ESs- 6 14

fal2.63«

6 ?s

STg -6

S3

63j

n-i itxiDito ..

63a-6ia

6 ti-fiJfl

flia -6

B3 S

659-634

Tirt* nicnlhn.

f ;- 6»8

fift-eis

6 W-Gi«

6 ia -6

6 I 4.012

614

5f8

6-6 w

61B-654

•IK ni.mrlt*

613

63a-fiig

fiaa- 6 >g

612-634

•me m»n:h....

Bij'&rt-

61s7'«

—

7-6»j

V 3

__

me war.

61 . -«r*-

77 ;;

7 •

7l4*B?8

7ti

-

_

»e lenir

—

B.V-Bie

—

—

-

-

PORTSMOUTH

BUILDING SOCIETY

Notice is hereby given in accordance with the •
Society's Rules that as from 1 st Feb. 1 978 the
following rates of interest per annum will be paid
on the various types of investment account:—

OrdinaryShares 5.70% Equivalent

Monthly Income Shares 5,70% t0 ’

6 Month Term Shares

2 year Period Shares

3 year Period Shares

Subscription Shares

6.20% (where -
«;««, income tax.

is payable
7.00% at the basic
rate of 54% )
7.20M •

8.64%

8:6496

9.39%

10.15%

10.61%

10.91%

Local auUiorTTk* and financ* botues sown notice, others seven dars' fixed. "LonseMerm local authority mnnsnse

□ie noRitnally Uuw.- j-rare «lur&i «r cent: 'our yenre KUit-lo) ifcr CMit.; five years lOi per «ni. ® Bank bill rates In abb-
r-f twins rales, lor gnme paper. Baying rare tor four-mumh tunt; bills per ccol; foor-moath trade bills Bl-W per
cot

Approximate selling rare tor ane-monin Treasury Dills S2ls* per cent.; nnHUOPCii saiuaMsa per gjul: aim Utiw-oiontb
ille-jj per eeni. Approxioiaie selling rare tor one-monih bank blits Si per rum ivro-monih S-€Li„ per cent.; ^tm three-oronfi,
Per cem. - One-monih trade tilts #2 dot cow.; rwo-monih SMl per cent.; and also three-maom M-« per corn.

Finance Hauu Base Rates ipuhhshert by On? Finance Korea Assodaiioni si per cent from lamurv L ig'rsi Cioartan
took Deposit Rates ifor small suma a; sewn days' notice > 1 per emt Clcarlns Bank Rues tor loncUna 01 per ran? Treareo
tilfc: Aicrast U-mlu- ralca of discount 5.7747 per cent ^ -reasur*

Interest rates paid on discontinued previous issues of period
shares will reduce byO.5% net. Rates paid on aeeoynts
subject to basic rate lax will be reduced by 0.5% pja.

176 London Rd. r North End, Portsmouth.

Member of Building Societies Association
authorised for investments by trustees.

a<? ^ rs -T 3 i^^^ genUy P ursu,ri 8 and DIY priid'ucto ‘ from pe^rd^nVdariStion^ ”f J Certain raS

%£&ssr * stockton - on - Miffi'r&ssw 51 ?-

proceed without risk of liability Tp the event that MLM decides -special VoSmLtonnr^ b f 0 lhC

NOTICE OF REDEMPTION
OF ALL

UNEXCELLED INTERNATIONAL, N.V.

■ ■ - 7 % Guaranteed Debentures Due March 1, 1979
10% Guaranteed Debentures Due June 30, 1979

NOTICE IS HER EBY GIVEN, pursuant to the provisions or fho TnHsni... . , ,
Marctil,. iMS among Unexcelled international, N.V. itoe^ "Smn ! IS?"?nmSrftoS a, ! ed ^ nf
Twin Fair, Inc.l. as Guarantor, and The Chase Manhattan Bank . lnc - inow

Trustee .the ■Trustee”), that the Company^ wSl iSSttSi {nt " ■ aw

Due March 1, 1979 l the "7^ Debentures”) on March 1. 1978 ithe -Rpr!pmof??^TC? 7>eWntui-»vi
of the principal amount thereof Uhe “Redemption Price -itoeethSp ^lH^ * at 100
thereon to the Redemption Date. ■ ce } to sether with Interest accrued

NOTICE IS HEREBY GIVEN, pursuant to the orovlsinnc nf *i, v
January \,mi among Unexcelled IhtemationX. NAI?Une!SSiSi Sj.^SS? 6 ^' d » U * d ^ o!
as Guarantor, and The Chn»> UinhsM-m . . euer ?» Jn ^. 1 now Twin. Pni r ■

the principal amount thereof', ithe' ‘‘Redemptlon'pilce^* tSSh^lPlL 0 ?, D f Ut " r ni ” lOQXvf
thereon to the Redemption Date. J “^etner Willi interest ihxTUcd

MS 1611 * 1 ?*?® 78, * 7 ‘* UPbentures and all the ni<- rv»iv>, »

thereir uJe.fi? Jhecomc due,
m 1 the 7 ' 6 11311 10 Debentures will ! a wuc4 ititevest la

the Redemption Date. ^ * IU to accrue on and after

Payment of the Redemption Price, together with -i

o tfiII no maria Hnnn nran#.Mi< i: i® . «*

SSSiSSST 8 ** &e RcdemptlonDate A]%t

The Chase Manhattan Bank
( National Association)
Corporate Bond Redemptions
1 New York Plaza. 14th floor
New York, New York 10015

Pierson, Heldrins & Pierson
P.O.BOX 243"

Amsterdam, Netherlands

Chase Manluittan Emk

RoS"i'«“ E

p r r^ 4 No}rc £ JD^;J' llXtm ^ 0l ' l 'SC0isp
Luxembourg i

, . Tbe Common Stock j S traded

of the Common — aea

19,1976 ranged

Until the close

their 7-, DebentS^s SSSSFSSS h 1971
agents whose addles “e SSv' 1

Dated: January 37, 1973

s ips3KK“-~.it

-"t

G! .

Vis *

!c3^J’d^!

' •••fV.“ -■

iltaarteial Times Friday January 27 1978.

WALL STREET + OVERSEAS MARKETS

+ FOREIGN EXCHANGES

Dow falls 9 on institutional selling | £ & $ improve

GOLD MARKET

-Inn. 25 . Jan, 2r>

BY OUR WALL STREET CORRESPONDENT.

-Tift', UALF-J1KARTED recovery of the dollar, which firmed PARIS— Bourse prices displayed Engineerings had GHH DMIBO sure aiu

- anempis or ihc pisi few dajs slightly in Europe and rose in a firmer inclination, helped by cheaper, while Kaufhof. in Stores, to 207.

: On Trail Mrwi finally gave way New York to-day . apparently on the slower rate of- Increase for shed DT1S.50 HUNG

. The U.S. dollar gained ground

NEW YORK. Jan. 26. asains: other major currencies in
the foreign exchange market yes-

x.- h 1 9?? sire and receded 6 points more taining its overnight level & fn

YEN

-Goh1 Bill II. ti
i.K tine own*.’

Orew 1* 173 175% S177-X77S,

Upeotaf .. ...F17534-158itSl7654.lv
Moral nefis'ii S156 0 J Ml 7.00

* soil "«V lira ium IUTIU.I . S|I|WHIIV Ull UIV oiu**ci imc w luuuac IU 1 Kiea L/.Uw.ail numi KUNG — 'Market lost fur- Th» nnunrl AiunAH i» k.-»

*"■ « institutional wiling to-day. shori-covering. gave no real indi- December retail prices and sup- Public A ui ho raj Bonds wore thcr ground in fairly quiet trad- „ F t £ hIIy ^ !

r with slocks retreating sharply in cation of reaching a bottom. poned bj* institutional investmeni steady and there was no net ms- fell tn a tow onSi It iuJ£

i *i‘»< crate ’ activity. Among Institutional favourites bnyjpg. Bundesbank intervention. Hong Kong Bank declined 20 i 9470 in fhi mnfninn 1 ? i™K5i

llio Dow Jones Industrial under pressure, Sears lost 1 to Aquitaine advanced <4 to luc-miiuw , • cents to SHK36JS0 on overseas ,r* J“'"L «, n ! 1 0 - rD, . n '’,U-L j 1 proved .

; Average fell 6. 10 to a new low 524i and Eastman. Kodak declined FrsJJlT. BSN Gcrvais Danone JS.5 selling. while Jardine Matheson d :. #1- S iwa imSP'* ™ d

terms of the dollar at the close.

tvb ml rfm dmaM

YEN W

IC90.261) £90.783 i

Jill em'otls ’ti !»175.B0 !SX77.60

'£90.096, |i£90^2?i

(imit Cutn. .J :

dnnir*lio«lH , !

Kni^Mnmil.. S 165% - 107 5a 31851,-18'
(£96-96'

XewSoYffn*. S54la-56ls S54%-b61g

£28-29) <[£28-29j

Okl 3ov'rsn».s35%-55A, 933% .55%

n£27ia-28iji ; i£27lst-26 1 :

25JLH -

<\mons insuiuuvruu w*“u‘iics uu.'ms- ounacAoaiiK intervention. nous nong cairn aecunea 20 1 oim i n (h« mnniinn t. imV«i

istrlal under pressure, Sears lost 1 10 Aquitaine advanced i-H to vucimniM , f - . • cents to 5HK26J80 on overseas «i I n 0 - rD, » n '’^,-^ i° pr0vet !

. —««,v - IV « new low 524i and Eastman. Kodak declined Fre.817. BSN Gcrvais Danone 18.5 m cnis S TSre roioriad a rL„ n?,T£ «Un>6* while Jardine Mathesoa iniSerf d »t #1 1 S SimI’Sw?’* tjj!
■ [or the year df 763.34. and tho | to MSJ. both new 1877-7S lows- W FrsJ44, Ourefour 12 to ere d9d afler ^ uiel - shed 30 cents to SUKllOO. Hong

I NYSE- All Common Index IBM Toll lfi to sarti-McDonaM's PrsA412. and Mkhelin "B 38 Urtfccer *»,«-,» n. rt «n, , Kong Land and Swire Pacific lost Cl, S!sSfl*SE ^ „

” retreated 40 cents 10 $40.07. white if to $44*. Dinar li tP«3» and » Fre.1,090. Poctoin, however, a a _ n d d ?„ JO each to 8HK6.60 and

y 90S E-System* l* to $20 J. ‘ declined 3.8 to FrsJB. SrfinSn.S* bnner- 5 HK 0 . 6 O respectively, and Hutchi- l*t-h ncb *2 se ° 1 . ,n

eased - General Electric eased i to *45* The gold-linked 4.5 per cent. ff jaS <i r{ 2? t f? s ?S2SSSS , ,i ie «« J^npoa were 5 cents down hteiSS^rtSSi,

^ ESS- ^S^^FSSi£Si fSSFSrM^ *** * h igr ?SS n f s o e S!

atlona ^ $14 ^fiex^reDortiili a sham *BiTscvf.c_i^i . Ab ^ “? — °' 1 bfi,ow Ic 'cl touched at

[to lB.60m. shares from yesterday's despite .higher fOurtteqvarler and Government Loan came back 1SJ
,18.69m. annual profits, white" Monsanto further to Frs.776.

. Same analysts. said expectations lost $lj after reporting a sharp BRUSSELS— Local shares nre-
1 of a Sharp rise In the weekly U.S. drop in fourth-quarter net. sented a mixed appearance foflow-

! money supply figures, due after .Sun added I at S38L®? higher inc another thin trade.

, l he market closed, contributed to earnings, while BectonDfeMnson, Solvay added 30 at BFrs 2.485
] U>e fall Howsver. other analysts which is resisting a -take-over an< j ViefUe MoQt**ne 2<P at
commented vbat they expected attem pt by Sun. rose If to $39}.. BFrs.LS62. but Fetrofina receded
only a moderate Incase. : THE AMERICAN S2 Market Value

MB SEP OGT m IKC JAR

G^flH C-Nos.... i

iJoternuMlY,

Eirugemoil.. <181ia-163is SieSii-lC^
1 £03 -94 j ■ ;i£93Ia-94V

X’a Sntr'gn* SS5-57 S66>8-07 >i

-(88814-2914) ([fiaais-kSO;
Old Sovrans &A446 S54G-&6G

iJJfi't Sfilii :,X874 4 -2£
S20 Fugles ... 5258^-2613^.5259 U-263

-Volume

MirtiS Kate*.

Day'* j

Spread l CUwe

1 THURSDAY’S ACTIVE STOCKS-

- _ _ ' Qmn

...' Siedks Ctoslna oa
tndto jjrtee 4 r»

trw mam rs . -j

BY«oa DicWwon _ iir.JdB is* +U

Athtaie IS -

newVU-Packmrt . ... SOQ.MO er: -1

. Setrt Kartudc SOS.9K ' £ti -I

Exxoa - 3KX» 4<i -4

NCR 1S7.SU 3SI

Pon>- MW« 74 —

1 Dlnial EmiJpmtnt J44JSB l 41 — li

' Jotuu-aiurlUc ..... 14.W0 - t&i

OTHER MARKETS

ETSLS2 l J xpecied the’XmeriSv BFrs. 1 ^. but rm&i receded fuRh^ S Vr^ MerSuM Electricals Sn>?£ lnpmSSSn in iffin S5S* «SP«- ? 5e d 0 “ esl i c foreign exchanges

terenaurgr**# ssns sasar** aad 20 to a? yaast-fts^ areas jssstjss, i s : —

■ Reserve Bank of New York a moderate business. Volume GERMANY-- Share prices re- b ‘LaSk md S d hSfcpr Smv rlsin^ Y^ ^, te>k n fln i d 1 °m ,n the u - s - 6-49 per cent from. 5 per cent. amv! 1 -

: reported that - the -narrowly Alim, shares f? 5fim T Lanais aim tyr. rtowever, gp ny.ns mg Y 30 to Yl,790. TDK have created problems over the J«. 26 B*t»; Dav's>

I dSliSmMrr^rtZyifii l j treged^n profif-tato» relinquished a little ground des- Bertrtnta: Yto to Yl^OO and publication of the trade figures. si *v& '

. wpw ■ ■ !■■■■ i came back DMS..0 in plte a proposed higher dividend Nissan Motor Yl 8 to ^T15. which are experted to show OMRBra^v dittc -

niocn*v*c i/niw crArve ATftiCB UADiteTC Electricals foll<nnug denials that and capital Increase.- AUSTRALIA — Stocks were another la rve deficit Tr th« mnnai- CURRENCY RATES XrvYm...- flisi.s 4 £ 0 -i.iiS 45 .i.

IURSDAY? ACTIVE STOCW- OTHER MARKETS u plans to mike a bonus share Swte^ir rose 17 to Sw.FreB32 easier -for choice. uriihsentlmS SKT 'gSS * “^SbitehS JS ^“^ZT %SS£z S FtSiSft

.. . Sjjgw ctosto a on J/S, W ^f an it,F??. G t ,g ^ 25 J° Consumer. Price daj' after London had closed, are Drains? . Dnl?^ 7 ij ea.50.ai.7s j t

W - **? Panaria Imvw 100 tote t0 affec - t the J ^LAN— A further decline m figures- not weU received, these two Eigto i Acoom ir t\ H enh«*.cu 9 iuq.ii.it n

Sgrgg » - rj L^aDaaa lower oarkeL - .- share prices occurred, as dealers JBHP- lost 4 cents to SA5.32. factors may have put heaw ores- ^ Juun-B . Jimuinigr Kranbiun..., a >4jjB«4.n}H

aoa Picwmon - g» -^U Canadian Stock Markets- were Uocchst led major Chemicals -as awaited with caution ihe outcome while Carlton United Brewery sure on the dollar Announcement — . —— i- g— — r- - •• • : «

sVu-pMkmrti ... cwTmq- k: broadly lower yesterday after a nmcb as DitLIO lower, while Mer- o£ political negotiations on the declined 5 cents to SA1B5. atyer of the trade figures on" Monday ^ilio ? 6 ii"u^ — ■ iin'Tsati

“ Kxbac * — *"■“' Zl falr iLi! sht htt’rfness.^FoUowing lost D3BM in weaker Annatton of a new Gorercrnem. 7 cents to SA1.85, and Reekftt and will now coincide with a speLh ttmlT:: lJItli i.'lieSs S!fc;:.”.".”: e iSiffi | 1

- — fSa£ S! rl » trading session to Toronto . , „ Against the trend, Olivetti Pri- Golman 20 cents to SAS.60. ANZ by President Carter, in which he *«•■»*«*.» ' — ia.635o v»Ha si : 9 . 174^.22 a

f SS IJ - ? hort » B<fb y JffiL l 5 S s ^.JF a ^” 0 ft^AiS t 7 ® 9 receded 4 _ce D a to «A3J5 to is expected to point out the need ft« 22 S •££■

Canada lower -

Canadian Stock Markets- were

Bnecial *
Drawing >
aigto 1
J/uiiiarv 26 ,

European
Dim ot
Acoonnr

Jnnuar>28- Kranklurl ..._
. . _ Lirtio n

0.624020

1.21659

1-J4591

point out the need ,

rose $8D0m.-in the latest report- ceded 10.9 to LS&L2 and Metals Among Banks, Deutsche. Tost in places, lifting the General In- In' the' Mining sector. Central I messace.’

I.. 1, ,hA trn nn (k. nVOOA h„* DMin. Vanli. fUlt AM .k.... .k. 1AM I ,T , I UJ ®5 S “fa e -

llaiaii iim..... ]

tog week, while The broader M2 and Minerals 12.3 to 810.A On the DM2J0. but Bayern Vereln put dex 0J3 above the 1978 low to Norsman eased 10 cents to The dollar's deorer-intinn on

measure increased by fiAba. Montreal market. Banks Aed 2.86 on DM2 and Bayern Hypo, were close at 94.S9. However. Banco SA7.70. while Hamersley lost 5 Morgan Guarantv inm nv Su 7 r " r k " aic

Analysts added that the action to 2SL38 and Papers 059 to 9L37. DM1 firmer. . Atlantic remained under pres- cents to $A2.T5 and CRA 3 cents rowed to 4B6 from 4M pe“cenL

-•• ----:— i. - -••■■■: -• ; to «A^20, but Oakbrldge rose Gold fell S2 to SI 75-1 751 on -mnc....

fell $2 to S 175-1 75 J on s,r »- trine.. „

Indices

2J.X .SkB. ALL C03QS0K

Bins and Falls

. Imn. 25 - Jan. 25 Jan. 21

NEW YORK -DOW J0NEB

Jaa. • Jaa.; Jan. ; Ju.

Jfi ‘ 2 a V 24 ‘23

I Jan. I Jan. 1 Jau. - Jan. : Jan. I Jan.

i 28 a ■ 2 s . 23 ■ aa i w > tosh

-SinoftcraspBatlon
: High low

43-07' 48.47 *9.40 4SA8 57JJ7 , 43-07

f ' 1 • tAtlTJl .*26 175}

Cim.inl 1.S05

liuea 444

Hill* . 908

L'nr'atKeftl 453

Nr» 8

Jiftr Lctra 74

afresh by 4 cents to $A1B6. •

, AmpoJ Exploration picked up 4

"S&ttSS&S&u. CHANGE CROSS-RATES

fit ‘fig Sa^ion f °S^,^ w

584 684 profit-taking. Heavyweight Rand- PBanfcfurt..| — I 2.10&548 1 4465-75 6J&X6
^ S04 fontein fell 50 cents to R 62.73 S«w reck 47A2-37 ' — I 2 LIS- 16 3L0640-C61

i? il while Vaal hdkin flnk Pan* 1 zaAb-K, .1.705&.71B - imbimm

39 89 down atMLB ^ Bnoaate.... 15.474=1 32A660 1 RM-flS ! —

londjo ;4.Ui-12l3 1 L^SO I 9^21* I ffi.M-TO

1054.63

293.442

6.23746

97A771

5.663B3

2.40216.

0.631196

1.23101

1.36695

18.6350

40.1677 '

7.05398

2.59407

2.77843

5.80288

1067.95

296.561

6.30676

99.1306

5.72108

2.42735

\re Ynra... Bi a 'l.S460-1.aS45 . fJto6S0-l.sl
Uimirenl.... 7i 2 2.1670-2.1860^1535-2.11
Arauerdani . 41s' 4.584.42 ' 4.4Ui4.4

Bnik^ls.. .., 7 l s 63.50-85.75 I 65.80-65.

«nhaKDU 9 11.143-11. 18 (1L16M1.

Knmblurt... S • 4.0B; 4. Ki i 4.1U-4.1

U»t>o n ! U 78.00-78.78 ' 78.08-78.

3fa4nd ' 8 .180.40- 157.29.' 157.06- 167

Milan ■ 111a L688-1.684 ' l.«=5-1.6!

C»iu. B 9.B8-10J2 10.00. 10 J

Paris ■ 9ls' 9.1744.22 9 . 204 - 9 ^

SirvbhfJm..-. S ’ S.08-8.08 9.0B4.D;

T.«jtw 1 . 4i« 48M7B 4905-471

Vii'iuu. ; 5 la 29.40,29.60 2BJ8-2SJ

Zurich ■ 1i £ fi.B23.86i 5-8M.BI

0 »lu 6

Paris : 513

Sirvbholrn..-. 8

1 .414

Vienna. ! 8la

Zurich ■ lia

10.00- 10 J
9.204-2.2
s.om.d;

4935-471

; Rales elvcn are for convertible Iran
Financial franc SJ.OIM&go.

cent. dwwI'Mta krone 5.66383 ' 5.72108 OTHER MARKETS

53 on S,H “ »rine....i 2.40216 : 2.42735 ’ Notch Kates

‘ : -Vij; iMit im. 1238^-1235.4 .Inn-utina^ ] 150-1

AuMralta— 1.7000-1.7171 Austria ; 29-S

DA-ra-o *' BnudL • 51.49^1.69 Bel«nnn...l Bli-Bl

HATES Finland....' 7.80-7.81 | Brazil- f 5331

Greece. 69. 104.70.908-Canada JA.U5-9.

P«nk 1 UrusralB 1 Londun Atmi'd'm ' Zurich - UuogKongj 8A65-8^J !DenmarC9llJEril

Iran 152-168 France 9.10-9

4466-76 1x4646 I 4.101-103 1 93J0-15 iTOLOJO ' SS^JSs- - 4

2L13-16 3Jte4iW610'1^4SXaiXl 44.10-15 . t0J0-40

- HA3&464 9JMOE040 2U8.7.9A 238^5-0^5 IASj HLaf 1 , 1 "^ ’IStl

6-91-83 ! I (SJtfLAfi ■ Te aSZM I.BaiM.aiDEJftpyin...... 46G-4I

}_20*-2I A I €3.60-70 ! _ i .' ixS* Saudi Arab‘s 9.69-6.79 j.Verherrod 450-4

tadiHinaf ...[ 78J.H 772.44 77UJ7, 770L70, 77SM 778.87j
H-mclTB.v' raJ»' »A8! '88A* 8Aui 8S.SB SSAS.

Jan. Jan. -

st a

H’mcVTB‘1*’ S8A& 88 A3! 88A4) MAft 82.69 SSA&,
Tnn.pon^..- 2MA6 1 UMi! 218A11 210.86 2TL«j

" v: • i '

indostriai

CcmMnM

1 163-91, TSSJE.' WS3S U6.06 186.47 1 17.5 1 -
171A4- 17276- T73JJ1 175.14 U7jtS 1191-77):

15102 (Zb; TO)
185-80 <2&;10>

&!&?> T0B0HT 6. dompodtc WMJ BH9A 1S10A W10.4. . 1867.4 '13.7; 961.0 (26/10)

were quietly steady, while De Zurich J.

Beers rose 10 cents to K5.65.

Other Metals and Minerals were c-

nato | y_dightly _ higher on balance. . .
although Platinum shares were
mixed following recent gai ns .

.bet aa=53Sa .®5

C3A0-66 14.4246 ! 16A3^3

— i 4 .« 54 li - 3 -feMB

L972&40 ; 4LS52-912 6J>460-Ci5493A423-E534B7A6449I ! —

UJL S in Toronto T.S. S= 110.7 1-74 [^«mii«n cents.
C a n a dian S In New- York =90.28-50 .«nts. Cjs. S in Milan SB7.00-50.
Sterling In Milan 1^3200-1595 Jo.

S N lfnCB....iL6848.1.70i'l|F«>rtuiB4l... 83-Si

CJ> ! JspaiuT!.....; 180-11

Canada iSwitz’land S80-SS

cm„ • Ills. iao-i.

U^. cents. 90A6-90.89 j Vugualai-ia. 57 -fit

Kate given for Argentina is a free ra

2tt X - 2ttAT 216.4 j- 21LG : 2164 &;WEf
IT2-Z mr 206 ! 312.1 214.4 1

U9.4:(84/S)
168.1 (224i

EURO-CURRENCY INTEREST RATES

haw ii> ww»-«- -waii—w »mro awpwtf T

. ' . , Jan. DO ■ Jaa. U

inL dlv. y*lU* 1- r

Jaa. 4 ; Year ago |4flp«a.)
5.80 . kM- 1 ■

Kwv- rtJMU 1/T7-7H

toua - glgb -Lott

PfT-'-'ftrfi-Th^r/^-
vnu . High lank

WlTremin

mark

FORWARD RATES

fthree monti

STASDARD ABB POORS

‘.Tan. Jin. ' Jan. ■ Jan. ’ Jau. Jan.
5 ■ S I Si I IS ■ *J u

1 03 >ou * n * g ^ S p a™ 31J&. 94 IGJ4X> . 34.3*;

AniiraliartFfieS.lk 4 W 3 B >K.*i 4 lc« 6weflea t 3 9U»~ S3S

■ • - S#l-ie; HB.*: raz-v. -aa.ili

Betein- cr«« • 91A2 » U -^ Switeri'd. 31J.2 i-r,.S «S

Daaaafkrri ; «bJ0 UA ~

B—nn, uii‘ mo 101 ; u^a ^ai'k lct&c£s asd base duus 'all base values
Aura «!» 100 eug SYSE All Comowo-30

IctXKzs asd base doles <ali base values

fl'»mjv»i 1 e

cj u». n«gu ; igja . napi , — ■S.1'71- /10A- lw * eacep; ms- Ail common— Jd

— — * — ■ — '■■ " ■ . — ■ - 1 ■■■— 1 n ■ , mill -r — 1 & 04 S ' Spa .11 j, 7iyi SiltSlidl UX Pmts— 13 Hvl TorunU

:iil lustrum 97.47 66.59 99,22 99.20 96A4' 39.16 116.22 9747 1RM| W QvOMnj^ K*-B oWA ^ ^ Mna , m u;5 ,

! , (a 'bill (s6*lrf8} OHl7S)t{HW’.32| n— ot- an k 1 eng - ‘li*- “Eadadlss Posds. 1 04 Irdwruli.

fi->«niv«Mt 88.56 19.59 69 J5 89.74 89.19 »J» 187.00 68A8 . ISA W HoUrad !«,. «« tL ' 6 ^ _£i « 489 lads.. « tuliuw. 40 Finance and

.5. ! 771 sc 1'7«! lU 1,TW a«32i « Tazspon. «'?Sjia=cy A3 OrtL

— — ■ — ‘ "i 1 ' "V ' J r‘ Hoag 4lfc.li «.M,r 1BeateB SE 29 . 55^3 Couertajoai

«» 4 i! so pc -** 7 / ■h'JfSE IS 73. it* 1 Pans Bcorao 1361.

' Jaa. 35 ' . Jau. UJ : Jan. }1 ' tear atfo itporoaj WT c A Coomcrzliank Dei. 1553. fH' Aaisux-

Jao. 35 ' •

tear ago ttpgnaj

lnd. : dir. %-icM ?

IihL P-K Halt*
lj«up fuff.’Bi-ml .rirld

» . an s sne 91 . *. ' soiius. - ir^nsuiaia-

,, efts SiJ .6 , «. * m radi w ttSwSi « Ftaance aim

..IMS '^u 15 Tnzsoon. «'>Sya=cy A3 OnL

M 482Z7 .40&-.I 4fc.li f p > BeWan SE :i.-U*63 «— t Cootsham

■ \ «a il : so pc 7 * 7 / h'^ SE I S 73. lt*i Pans Bcorao 1361.

. -7-1 . seas X4J1 -*-X Cmuicerzliank Dea.. 1553. (Hi Aaisux-

. toSsrerii* tsrt. *'»U«r K Seng

(it. 015-57 /.Ml 3^49 Baci Zl 7 -A. M.Iar. 5.ST3 (O'. Tokyo

.. HSAvi M an Sl- * SE 4 1 -SS O. Stray*- Tunes ;»>.

k . C ;ci ec. uicjac-ei se :: sj. 7 .--!ii^i

’• *s— and Ion- far-MTH CZlr. 5fo*fc.i[m '

ladut^vi! M fc. M-S-TS3 Part Croy. 1 t n. • ••'
i«. tannora:,. 1

4UWU 490A— 5.0 »1B

OVERSEAS SHARE INFORMATION

Inv. 9 Prem. at SU60 lo £—7St% (77‘' r 0 i
Effective rate (»t S1B525)— 32^ <33|%)

NEW YORK

AL4a«s Late*...-..; 91 < SB

AddrvMkjqrapb 14U , 14 »i
Acsna l.ifr (t Law; 51»p 419*

Air PImOM* | «■••• ( JSlf

Auw —> «W ' *»»8

AiaauAluniimu'r; tt*i . MU

Atwa — »9* • W,

Alirglieny Ludl.. l8r« ; M?i
Altec tonv tV»e>l tOl* 19 »a

AiUM OrtoiLnU 47Jg 571a

Allied SU.W... f? 1 * ! IS‘8

! Guttling liMHS.. - 481| 4BV* X*bnaMan«4lkf... ZBJ| - OH

I'PG* IntVtlon* 43>n 4fil| Juln»*n J.'hnmn 6J 5 * 705*

IVum c6u ' *61*. (taBaim UhMiom Mi$ : 269*

L'iwIkS* 1.„ ... 2^18 i **;* J vyltaiwkKtui V Wig • 503*

UiwaBaurrOaet; 4 lit ; 31*b li.MatiCorp. X8 . 264

C mmtrtn* kr aptx- 54i* .MU KaUatAiuroini'tn ®8U 28»«

UmvWrwfK^ ; iSU >B** KMaei loduaMMe , JIb

. _ kaWarbMaiM. STIa [ 27

I C mmc i n* toqptx- 54>«
Unrt.Wn*5n._.; 18 If

Qiat-. uaifli-Mu

Dan kkhintoi. Mi* F Wi
IkM.-—.-: 22 >| 1 X5?|

tM Unite sai* ; *54

Dettooa **8 bU

Allied 5ii«» »U >V>8 Htniali' Intar.k.' MlU ■ t7fta

•*•••■ 1 M*» I89mSSL-; .§»« i It>U

ABAIL-.. ...I |6 -. » WauwodSAcmrti, 27l| 27Ja

AuirraA M *Sa, Wrt^ho,. «* \ . UU

Amrr. Airline .. } 10:* H i IkgHei Jwoip-.- *1 ; 42 i*

Amar. Hn*n.»»-. 39 '5 BB-'» IHawy iWakj.... 55 ‘ M*g

Aim. Bwaloi. jjk : 451* lln«rlU|Mi.... 40 ; 401*

KahaiAiumifli’n «8U 283«

Kaiae* Imhjttmt- . 47 B

K^r^ieee , 271* 27

JCgy-.-— 7iJ i 7

knuMw-on : »h ! *25,

Kerr MrOte— 44*4 < 45 U
KkldeYaiinw Si- ’I “8U
Klmt«>reC»aikJ 42 4 4*U
«Wl —

Stan 48t a r«IU

«ev*.* 40 U

9fm*u ileus 29U
keyooJ.UK.J^.. o2U
ttk**nai Harrell. 21 :*
Krekacii Innr_ 2a U
ttohm t Baaa...' 29*

415;

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04:^ j Xcrea. _.•

,22 U l&qau. —

995; IZniih Uadin.— .

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BAi-F- -

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t'iliKlnt.Niri.oTl*

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■'-Mi buHir: —
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ifctnai-Ue evil.,.
w>n->'ucr Karo, .. .
uvcketUJl f*m

UovalDaldL j OSS* 86*3

tf« 1 127* 12 i|

29H 29 j 4 i L] JxTrw4|,l*» t94/ { • f94 ( ^ itiivinBnrm-.^.

j iS».Tnra*JSJi/Ir . t 8 J >3 tBlSg ^ Lwt
Ot.lt 56* W « 0*7 «:h. 6.4 1 % ; 6.43 {

Him lu*»

I^Tler byatem j,.-
3Wmr 3larea_

tfuJeeHtomie. «7*i

& S atficr: s* S:

CANADA

H*f ]a n g — . ...
H narim T ,

Hnw.*- —

Harten.

Sufi nrnf

Katstell L.

SauHio* w_i

2d5 -2 Zl.

140.7- 14 17

IZ7&-1.1 lb
S92 ,1 20

314 -2 20

1=6 -

2.4.2 -1.5 Id

76.2-18 -

313 -Lb 1»
^63 -1 : Id

1.6.a I H

310.1 -2-9 At
2=0.5-13 20
136 — O.B 4

221.2 — 1J0 12
225 - Z 22
235.5 - 2A *8

128.8— L7 26

«*3.B 4

127.5-1.5 10
148.7-1.8* 9

IS 1.8 '""hi 320

2k. 4.4 ^04

17 6.1 — 540

lb . oM -1 mum 400

20 3.4 ,,,, Mnw" Knm sl5

ZJ SJc fun KMIr-.k.. 509

_ litis 196

Id 4.0 *■ '1**HN-.. 4S6

_ • fl;ai»-r..*s 3 I 6

1» ’'4,1 Ilell '30

1.4 AL'MIL :a<wii

2J Atuv Au--1:-Jiia. ;.

*®*i® 7*2* | -Kll-I- M i/J i!K..

20 J 2.5 A’-ie-- >1 'ita- 1 r In* t '

III, 1. 6 J

i.A.L. ^.70J

4^1 huh i.iai.l'k 1. aO

332J-U.5 20

1.3 I 41'h.hI 11 311

2.9 j au:.jlii 280

5.2 J Kyain Ceramic-.... 2.*»0O
3 .b! 'Idiiuliii* lu.l.. o75

6.2 ( fiUMiftslnditu.. k79

h!s j 1 2*»“'4ii»|iiHwv* 1~4

3 I 9 j Uiisui-ntu tVifp. ' 418
3 ^ 0 1 UibidlCG...... 3i7

3 I 0 J Miuulioabi - 516

— i. 810.5 -3 J 80 4k8 iWrt Urtw-.-LcM-

.Vnerr. Airilne.. •> 10.*
Amar. dranla-. 59 ‘j
Aii:rr. 8h»l»i. =49*

.llMiT.ltB-.W 56*4
liUT. i V»nanrai a4l*
Aiuct. E'4. h*., B‘l
AlMM. K»|tva-...- 59*1

s as teffstr

•4 If j B4*t
83;* . 83*1

1km Vbeztrta*].^. MJ|
Unatr„„ M ... 5#I«

Da ftnt ..... 105 ; 0

ItjTM Iwluatile, 1 * 1 -

SmW Pi> - n«T ' 18J*

BmAirlino 75,

AuuT.H.uiM-l'nai' 97*8

Anivi. Mv .11 e< ...1 17U 1 1>4

AiiitT. llnlira.. ...
Aliwl. N«1. r

Aiuer. Maiwarri .'
Amci. Mim.. :
■Cum. Iw. A iri.j
Anunefc 1

AMF.._ 1

am«». ;

,C|Ul«% -

UbbyO^J-'oort™ K 1 26

LtogeU. Gi«nSk_' Mu* i .28**
UlS’fMh— WJJ J 39J«

tyhUteBRfwtac^

a*hnab«»er»;. 66**

Uttcn

UKfebeMAtnaril
Lnwtbar lurt*...

dt-M..

*rt* Pkpar '

*o*U

n-ydt' Oner 1 m

SeaBMra Kedak^. «5»*

Una 1 riant Lmij lei* i 19:<
rnafitauaUwi...j 81 >{ SlJa

Letbriaoi 351| j 53 r*

Luo»>Sli.-roa 13i«

L'KtaK'uuust'ikii. 6l* . 61 -

llaoJluian..^.— XO 1 9«*

Ua^r K. IL B*J, 5513

Mira Hanover. e23* | 32’j

Uapcv — . — 551* ; 36 lg
M«aal*oa Oil—.' 48T* j 44
Uartoe KkUaiaci «*, 5 . 13*s
Hanhafl PMJ..J 50 2 S«

I S a Um ...mm.-

il U. 4 n .•

» nso.VeLOaa
KUm_. - -
Kmenoo Kitniiv

VmeryAIrFi'gbt' 572*

An,:** Hiv kink-
AilhniHi Uue-fa. 19*1

.iniiuStm. 68

A.svA • U2

Aui , iii ,, .*ii:i .... 8*;

Aaarxi 1 15>|

AiiiUn.l Oil. MM

An. Illi'liliebl.,.. 45 .
AiAuLMU rrii. . aBa*

Ar.ro. w.j 17**

Ann Cniltkli.. ‘ 44i*
All Ga< Kmi.. SSi*
H*uk Ainotira— . ZKi
Uuumti.51,1-. 351*

Matter On 67U

Ha«K-r Traiunol. 651*
Brain i< l'iw». ' *■

Ur.i>uilh.*tieMdu 39k

1VH A IWeiL 16

IVn-Ux 54fi*

Htligurt lVn»*8'- l-i
in-rmeiirni S»r«. 22'r
Ik k a. Ktvkcr.. 1 15
h-«nt: - B5J 9

51i* . 519*
55i* 44a*

S7U 671*
451* i 351*

92 ni*

4BU 48
15 . IS

54a* : 441*

Smt*rt.„. ' 982*

ILMJ. 41 -

UngeHnid 843*

Swnw* 967*

KiAyl 19a*

Krtoa.. 43%

PtetvctatU Camera . x5i*
(Vd.Oret.6mW *a:j

PlmUMie Tire— 161 *

Pm- A*L BbKuo.' 46 1 *
Kiwi V*n M — j 17
PHmkPtv 19>a
ftartdt f\aa«r. N .| 50t*
fl»4.. j 46>*

91 :{ 81 a*
fSS* 53 r*
16i* 15i«

61 * 612

SO j 94*
563* : 3s ia

|S*aCnaumert_t fcjsj

IS;, j 161*
k&M 45a*

Uar Oeoe.dforfi 25l* 1 258,
36CA— — «. 3J1| , 34 j*

ttcUenna: 953* ; 94a*

MdUooaeU - *49* j «4>|

HeOnv HUi ‘ ,171* 1713

Uemorex r ***r ' >9

84% j 65%

Merrill terwiu M !«%

Sqm. ...— * 9o.i
iSeartefOOi.c.^ 13

Scan kr«rajee_. 24;,

SKliCO 341 *

Stall m; jt9:;

sbei> lnrapnc... 58=j

a'igne.. ■ £822

if-Stataccrp 362,

Wmpudry nr.. 12

iriUftCT 19;-

S»iU» Khat. 46i*

&4IRI,. ' 2

aouthdotru U-'i

tautownCkcKd. 53H

tamta m Co 17%

t*kn.Kt*. Bee.-, 89

a ? - * iAr-Aun riqi« ' 10 2 * * 10 %

iA^iAwLag* &*a 5J|g

..-j , A-cao.V.inumiur it 6 % 27

M r. I Alfif-e Sue: -l-.., : 14%

?Z:f -Admiue 1»7% ■ 37%

±S:* - Banker M/vztme. 17% 17%

12 - t tank Sen tangfa 18% 18%

, duk: tec-xa. 6 % 16 %

! ta': Te^p't^ar— ’ 52'£ 53%

20 :, ; 4?* '‘•nev Irais.. 812 b 21 %

40% ;dPC4=ai% 16% 16%

15% (Omasa 14% 14%

23% ‘test =3Ja *325

e 6 % ilaiurt Htwr t25% 35%

£9 . . Ctal/4 kVCUSf.. vie “ j:
38% .LwiiiMVUej 11% 11%

28% jCurfrr^Un^l^-x 25:; 241s

36% jc-acaroaln-luac... tlosg , lot,

ntovkaet pm !>!,. 89 -UJ5 —

KHD 168.5

Snip}' 98 -I

Linde. k- 239 ~3

La* of-nuiDm Ac 1^45-5

LartNum .115 ... ,

MAX. 2=3.5 — 1.

Uasomnurtn — 168.7—1

Kriai'W* — . 235 — 1

Uuuu!u9=eT Uii -k. 516 —4

Xr. Jr-n-,1.1. • %}

t'reuueg Dm IX 118-5 - 1
U2Min VlebkLieet. 199.5—2
Xtadiis 264 -0

ttald'cfeei....

115

2t3.5 -1.5
168.7 -1 6
836 -1
616 -4
lal -J.2

118.5 - li

199.5- 2
264 -0.1
297 —3.7
250 — 5.5

Ibrwn Aii .— 1 120 —1

_ -SfM/n MilniNii.. 567
12 3 n 'iMii lUitok,.:. 713

_ J I 46J

16 3.3 >*nji* Kuwrai .... 206
2 o 1.3 1 * | iia» Hrerai'-... LOOO

1 3^0 naO

_ CtMlH, Marine 2.2

10 v 1 taieda Umnioa 310

J2 17 run 1.500

_ _ Iran 126

7 a>9 loan, Mamie... .. 493
16 4!tl! lo **0 b >0 1 1**1» ■» 1.130
20 a B - ,t,k .T»» taujw, ■ cz6

16 2.7 1 taiu^Ulniir*.. Lc2

17 *.4 l<WV- — 131

11 4.6 1 6iki»a n«4ia 805

18 1.7 Ani}«.- fc\gnmiSflic-....i..'.
IS 1.6 1 4«W IVsnaeum

12 3 A)| 'w- Miiien*....

Id 1 ^ | .Uei/i IVi 1 %, j. r ril ...

to ti. i to-imisim— ...

A.O . Alrt. Fomi'Miirai Inr^j..
30 . 1-2|XX.I

13 l.j . .imlimL-r, . . _

“ “ ‘Au-l. 1 »n 11 ,-i,

10 4.8 1 Hiu*. ji -u. |, |l(

la z.9 ■ aotic,i;m.ie (.•■wer —

la jc 7 I DnAeD Hi » t*i"iriM4rv...

35 . 0.?! UH bnuDi.

20 1.7 CatUi-o Cnued llirun i-

Id l»e C.J.Lbira

12 4 2 CSK.S!|_

Id 1.6 uCiK.ta-unlWl- Aw.—.—.

14 2x Monteinrt .Si, T..'".... "

?? hi. ^omkjocaiiiim ;

11 ,7 • CoeUiii AualmiM I

; J.47 -cull
:0.£b ... . <

1-89 40.06 #.12 4.2

M,/| i!K.. 3.80 j+o.01; 1.18 4.:
e-tu iliiiein : 1 1- 1.69 +0.04|j. 12 I7.f

yr u.*e 1 ... ;j. 14 j*.

. »M> Atiiin.oc.. 2.75 -0.05 -jJW 7 J
iniiie iiMii ••!*..- 2.23 ,-0.17 .!« 8.C
■*« •••r r*H. .. . a_ij, . j. 0 Q*’ loss 1

WifliOP 1.85 !m

• ••* •• 3.65 — 0.ID!

: 1 . 1.65 —0.0 1 .LW.E

Vol. Cr.l2a.0m. Shares 33 Gtn.
Source* Rio de Janeiro SE;

15 U .6
12 l.i

16 3-1
4a 1.7
12 2.9

,i pumoi litiKao :sl:.—

H -

aj 1^3

AO 1-1 1 daima.*v..;,;.

7“ ** 1 ; Ui«Ai-i •

1 - f 4 • !■*■•'■ '"'’r* «

a l ui , 1 nu, ‘ t »144* —

*" *^ 1 1 Minina* ln*n>ir.^ ■

' liaJci .IVHV7I : _-

*■5 • s-

12 2’l -JJ*

. 7*±’.\cw-.

an Sinilli ■

?*? Irvlinl

'jen- In.4

19% •• 1%^. Par.JL' 171

Soot Sera XVdfic-‘ 33.**

SontberafiaiSwt

Men, Pwrotetna .> 34 I *5%
UU1L. — ... 28% | 96%

Bjiv ca*»*dr.... 1 Mh

K.qik'll M*"*"-' *£-*

U'U WnfWT mid

)Tr*u!:f lm ; 10 Li

Itanvu ’A*-- .. 1 13
Urv-t-k 'lir«... 52%

Mr!!. Hri. AOB.. . 161*
>l:,k-k«a\ • ilaak..; 8 B-’,
llnmaeMk. — 13%

Uurvnn* Kne. — 19j®
liuiiit 38

Hlihmi tteli-li.. .. bla
M: it! mill* "I Nil'll ^® 7 fi

btiriini,li' ’ 84%

i «m( 8 wuSi-uti.. 68 %
t. tuvliaii IWll«' 15

1 inti litiiiiojph. ; aoi.t
i in iTi-iii ... . 28 1 ,

l *iT«-r V»««l**«l iS**
iv.ci llviitl .• 17%

• 1'iwrt* 49%

I |i? . 4b%

1 ■laiu.-krk-*: . 395*
vr;iMi |

I fti.lih'.i** L.

Ici-IM A4r.*l»11 • . 30'A
Lhaar-Uautaiun 26 %
l%->i;i.al Hk, NT. 38%
l'b*«e!«»l» I*HM .1 x07|

I'aaBiacrifruL-- 35%
kb*»ipi Uiiilae..^ 48%

(Jnraiaifciv.a 1 “%

CLn-kKr.. 18le

-L'lerrarau

|p.ma; • 81 %

Pom H(*u» 4i%

PetemtM 3Mk~~ 17%

fosSwo. — 30a*

Piumtta Hint—', 7s*
Ptieenri Slocml 10%

fnmwt.. kn%

r'eqw, iDdoKriaa, 9%
ilAJ«.^.w 11%
(tenseu — 35%

iien.ATwr.lo—. 91*

GALA 88%

Ihn.cwue..... ! 1J%

uemps-uunice....' 41%
(%kSh«iin..; 45%

Be— l Ptada — . 99%

UU1L 98%

HlnaMttwllttf - 46%

MtahCerp- 59%

Muumnta....— : . eo%

Bag?* * — fi 1 *

UtXWHl MKMt,-, 0

Uun*yOi»-.
XeURcou.— H

46% . 47
567, ! 60%

eo% si;*

B % i 41%
! 36%

NakoUtamluei '

Aufcarat Ua ■

Nat. UnriHera...- n
>*eu !Wm XnJ-i 16%

Wkwal dieet — ,.39% i 62%

> eli% m a -

l-VOL ....

I Neptune Imp— _

' 39% « 40%

xim» 27i, 1 37 %

15i. UeMBkl UecackJ 68
uni' Oeik. I*n1k I'ULk 391*

n..f mw**. — * »%

91 t-cn. Tek 19ert— 1 28%
3, ; . t»en. Tjre— i — j 23%

ni' ,.-j 8%

40 B "<S 9 lk HkMc,... . 84%
651, Uenji' Oil..., 157

314 iriume * *4%

*5% EU*kl;idi X9i*

*vU Oca klrear Tire 16:*

1 (jintl- 27,*

»■% IUbkW.il * 6 %

*7% iOl, AIDui Par Ira /*,
v 0 % |(iit.Niwliliw...' 86 i*
46** 12%

»"> gOHlead Kfcj 2JS* 1 21%

:»St i fl5

Ww*«| iq% 1 KD,

^rrotSUeraL.— 24%
S’« l Uau-ttare* 24%
Spwtr Hctcfa. — 16

SpCjiykaDd £4%

,<rrrflfr 2^

Sraodam Bund, 4b %
tsU-OiKiliKirnla »5N
suL OU Indian*. 45:,
Sid. Ojl OMO— 65%
SluUT CtasMai. a7%
Sterima Unu — 13%

^wtfeUwZ— 45%

soaOCk.— 38%

dradataand an 1*

rivnKot _ 18),

IccbniopJor^— . 101*

Tettreolx 1 *4

feieHyn* 64%

leW»— — — — . 3%

Teiwv>. £8%

47 G*n. ^sper f 1 . 1 — 63%

2 Ler.itij. VKeete- 3.1s

20% juine AiMa- 9
254 *

*7% j Chimin 20%

ffj iC-imiirai 25:*

33% {ran* uulrarax — 22
48-1 | CcotuserOea... 16%
j Coaele Btkmb 7%
*4% »*>smin i;-c6 .— Z-i
*4*7 ! Ura:«cc l!;*.w . 55

16. : Ihrr.-r M:w> 76%

J .Lta* Heuurfas: S9
*3% * D.-tb.sic=i ?ra«, 21%

f 6 *: ?UferM? 14%

4| jfica'w Arte 17%

line .....

k tc\— — .

I’errtuA 4’eJ 81
v*<rok mazer.. .

17 3.4
11 4.6

:J-k3 -«UI
r0.99 - .
:5-2 (LM
ra»4

n.85 -0. q
:L0J

:5A 0 -L37

»4.45 » 1 .O 8
rZ.0

:4.*0 -0.03

rL5u

rl J5

11.0

(1.85 -..jo

r 2 -lt)

Tl.-l

12.15 -0A.5

-■JJM

- - - OSLO
(LM

l T5w 1 '* or ; Utw.
hrenei 1 _ { j

-la? ■ Uvr-rtrn cauia 103.01+0.5 i lo

-1.05; ■ 5 *«‘C«nl.. • 60.7S 1 — 1.75 4

, .re>UU«nh ,14 i u

-0.03 ' * • 330 : + 6 M 6

*»ttt*aiaei. i t £ )+ 'i u 3

-*‘«kHi>lna.r. ■ 180.751— 0.25' 12 s‘

| ^■re brand. 87.51 ' 9 10 '

JOHANNESBURG

175 -OJ2- 14 4.U I

114 -2 12 5.2 1

305 20 3-31

211.5-2 : 10 2 A,

Source Kikko Seearities. Tofero.

BRUSSELS/LUXEMBOURG

5 * 6 * AC1I7..- IM .

I 2 : Il'IriiMUa

1 UZ Nana uruveu H’ ':n.ei>r

itestirlrtce.

5T0 ' k>U awruli

Pbjover Ccnsn-ie .

Kwkitr i Lulatu

H. i—

iTT; ooulhinoU jiirnn-i

AMSTERDAM

Price • ♦ w • t re'. 1 UL I JSfS lSli —

— Xei i

-f-or IJtv. l'W. j
— % 1 % !

I to id (Ft. A.'.
Uw(Fk£'..

105 '+0.7 24 I 4.6
tzn+o* — : —

AitaJ 1590 -Zj , — • —

oq.HrK.Unib 1.428 60 4.2

wamrfB" 1.720 -5 .112 6.5

-'.tLlLL'emenr — l.,40 —18 . wo 7.9

l\>U««ia..

Western llinui» i^iit-nin
wderriG ..... .. ' .

TO. i9
riS.15

io.a-*

tl.iZ

11.00

+a.01t-Jan. 26

East Driefomeln

- U Eteburg

, . , Harmony

: Kioof ;

-4*,{!st. Helena , ~

Rand

5 20
13.10
3.77
7.45

+ or
+oj

-ni

-0.1

TO. 17
• 1.^2
el .85

6.10

9.10

1.73

—0.1
— 01
-flj

:D.V7

Z* iSomtt VaaJ

Com Fields SA

• nn* : L:njDn Corwration

9Jfl

-IL

a. i6

22.M

tOaw

' De Beers Deferred

■ — t BijroomltndH ..

3.C5

Eytj

15.60

j^jEas* Rand Pty.

7.65

tO. *5

! PresMem Brand

SO.UO

SB

tl+77

J1+:; ! PrgfiMent Sieyn

12. Wl

10.93

1 Welkwn . — .~...

4M

E+D

1 1^6

‘4 JH ,West Driefonteln

-_:rrr i Western Holdings

35.60

A*«rem BnkiFulCC. 333 +0^ A22A 6.8 Hg*" *" T-,*gg

AMKV. 70.7 -O.l A* 44 , 6.6 “Into

Anao ttat 'Fun- 67.7 22i 6.b Pf* 1 **: 6 , 0 X«

nl.+nkort .F a 12 — O 1 ’ 23 a.7 f '2ZS

tk*aU'e*l*in:PTuC

Mubrrii leiMTJrt*

■*5 - ; - :

—16 177 : 7 J : PARIS

INDUSTRIALS

Mubrrii ■'leiierjd* *g ■ n~y m , 73 Uwavru..—....... Ii32 '.+ 2 8 J 1 *" , — — — — — 1 De Beers Industrial

KuenrriFlwZ. X 55 li i|7 ! 1 1 Holwken. 4.600 —4) 160 ’ n. 8 1 •«*«*<*.. 780 -10 +% J.b Edgars ConsoM. Ulr.

EomaN.V.wero* tzl *u 3 ?A 'nttrr.vm. 1J0OO -25 I4o 1.9 • IJrwraujiA. fir 298 .-2 31.1b 7 1 1 Edgars Stores

EoroComT.:KLW 6, _ .9 4^ i 1 d«*l«tank 6.1o0 363 ^i 3 ***™?* : - 6 -? ! \ V -

Eicvrooel 6 , OBJ L 43 0 7.1 ■

Fabriquc Nnl 4,n70 1 17u . 6.7 1

i.b,lnno-Hm 1.880 i+30 130 63*

Uerai-iu..- l-*32 ! .+ 2 ttJ •

Anglo- Amcr. Industrial^™
I Barlow Rand

0 : v.. if iu. CXA Investments ...» ti .05

Currie Finance
De Beers Industrial

fc 5ii ■ *2. :8. % 180%

a7% 38% .

w% • 14 ice, Aa:

45-| *6-j I i, taut IVakiat

38% 38% ]Gul!O^Ucia-

ag% 42% ; Hum s'a Lxz

*8*4 , 19 j Be Jtage- ....

10% ( 10 « Home UL *A~— .

8*. I J*, jHsnosBiylirt

£4-; . 63-*

Hc:'^Oi:4Gai 44 ij

EuroLVunT K ;FLUr

tiuilkoii.MiF,,
Hemeken
8 U. 71 C s i P 6 U*;
Hi idee D. (F.iOO )
I H C. HoUacrt_.;
BUS {FU3ki— ..'
Int, Mulirr lA,’
.\aai-.1en JF!C«— ;

39 J! —0-3
lw5d -u .2

b .6 La Ucnrale BeJet . 6J830
3 .- j Pan HcAUnjs...., 2.auj

25.9 — J.l I42e 7.9 1 ?“ l ? , “ 1 r* ^’2?5

.. .. 263 4 ^ | AN Lmwle. a.40 , KJ5 6 ^ ) Ever Ready SA

J .‘,rj"i 5 j 5 3 'a { Auu;i«ine..— . . 317 ,;-7.9 34 ; 1 6 J Fndcrale VoUcabeleiulnu .

Alt'- A. I c,t 490 1LH <3 { Greaiennan3 Stores

—g^" 1 17*l' J 6 1 o54 >b 51. -t 9.0 < Coardlan Assurance ,SA)

I3 l m I'l ?*«» BelgUiur 1.865 -10 H36 7-3l^T -*

40 1-0 1 18 9 0 AAB6 i-r30 :A M. 8.0 '

w:i • trt ■ 2 fi jetton mm-M 65 162 . 6.6 t ‘

g Jfti&aa '■:&* 'liUST.

ILAi.E.^

t L.I.T. -itcauci ., ..

16% j 16%

&MKXB6 U'catotJ 275* 1 37 %
\uUtSaf-Ota-, VtZ i 37%
Mao tiratea INni 96% 1 26%
Ntb*rert *3% 1

Tam-PotraUKtn
llks**

|lFMgQ^.

I let,, Insirn

E».%

8 % .... — ..

*6 f lT.l«rjr I?:! —

101.8 +0.5 46.2
.MULndlM'VAi 51.8 +0.8 20

SSI^CU 918

n*X | L'b. Slln. flit j<... 730
a, 'MUe Mnnia»nr 1,362

I ® 0 olub M e, 1 ne.-.

& j a. 2 1 Cr ***}?- :Yr ~

2b9 -6

816 3

2180+3

Bw bjj . L.TA -

2/.. 1B.6 McCartiij- Rodney

5 %2 t.i XedBank

18 5.4 DK. Bazaars

319 3.2 t.5 2 J) j Premier MUUng

xsjffitoairiie l; uom io:i . So . u I rw«£»«-i?y w«_ ±» . .: . 7 - 3 j :

11.3 1.6 1 1. MO 8 ' Pretoria Cement + 3.35

(Trtsf ftifi 31

I Xihw«« Bnwow, ; M

[vSSSSSsi

\meszx*£

S*s S 0- * 58

V% ttaencaaSlup^.
fOri LlHMUCunuBb.*. 61
??'.* OwtnulutwiMk..- ’911-

ll * iV.in. ua, 84 %

» WtabMft • 19%
W iVa.iNn.2bU...- It

: trim wro n .1

39% iiiniunMins...
*Wr IttuUtllL....—
61‘a HtiKwiva.....^.

K*nm UuUtut— . 37%

Utratodfiir— 10%

HtntoUypp 42%

Bain H.JL— 35%

H duBta n. ^.... 88:*
HritUt RrUKl' 87%

Kodday luu... > 14*,

U aw * l 8 — i 35:,
43%
Uli

L'la . UiUovji . ; 181;

1 S0% I 20% B,wOniiiw,' *2:1

iiuinirauiw..' 13% »*Je HaniVkAMv 11%

Uk«cmk..... nu .) «5 %
t-ripie limn...,] 19%
kiiina* Ataman..; iqui
L-JnnsiiaUaw: 2%
L-JiiHJ-ia 14%

^v<m.iuaiUv;iAml 18%
1 3411 . 1 * 1 Kftg. 32%

HtltiW (BJjw'
LUMhIiIm..

UUlodMditaa^.
IN' A

liwWip lM J .. . . j
IflMOd SHiliwki
lb*U>«. .-.J

inf • 7%

86% . 86%
12 % 1 «.‘,

11 11%

?« % j 26

07% 69

37% ! 3?»

10% : 13%
42% 41%

35% 30%

29% : «%
67% 60

14*, ‘ 14.%

38% ; 37%
43% i 43%
U% 11%

* 2 % . 225,
23% , 243,
11% U

12 ! 11 %

2«% J 24%

Te»« 1‘iUbirt.
Time iv. ......

Times Miner. .
1 :iRA*n.. -

Inuir

Tti4»tm-Ta .
Zmutruai.

19% ;jeas:\d.tii>.

56:. : L'ia'(v\vPlreLi 2 < 14%
25% 1 karaft &-r*;r« 15%

47 v 1 wkir.'l Fiale-r* 7%

54 % ,:.<avtx:i-K . rS,4S
14 ° s rl.'t.ii'.J 8 -«**l 16-:

191- itasey feisura Is';

vice

SSSESd IS SWTZERWND • ;

E^:r':.T a ;t " “ i “ —

illjli.e .us.i.T.e ; 1 ~~

; 115.5-33 , >- —

aS-l-S-I Aluminium — 1.310 -15

u>alUi..c.. M«Ki 127.6 +QJ9 ASU • 7.8 mwj-a' . _ 1.690 -5

railSi>iuiZ.... l -2M —0.6 29 , 7.0 J L'ltnfieivfFr.li. 1.165 T 25

1 *-2 3Sn5SS»„ SS +«

Ui.p Kar-H dsM. 90 30 0.8 Lie. I_w 631 -3

feSSSLiraV l fi-2*2-2 ‘“f.M v^.lr^lw...:: 2.340 ,10

tifcsncta-.lnuiJ; 45.7+0.9 20 1.1 1 Kiwtnmu. L750 —10

ne-ttanJ n.tam: 407 —2.5 32 3.9 lp|S« 755 . + 5

-i 154.5 +0.7 ,A54 I 4.4

Traila lut, 34% 34 S* J 2- **"»»-■*»**

Tianrnav id ra.
Tnra*Wcvid.Vr.

jj;_ ' .v-«irta ,4wi . ' 20%

23% I llmirilm 27% 27% <3unalteixi. 17% ' 17%

60% 1 rm' jrti.MMi 16% 19 . 25%- 25:«

Sir- ■ _ IV-. 1R

rr-HMipis........

Gftn.Occi 1* male
Imerai..

rjl'et. Jacquea tfc,;e>.._

i Uderge--

L'Otku.

95 rl
178C-+1

6 «!.3

10 2.9

525 +0.7 12 22.6 [ Pnnea Boldines

.47 -g ic.ut . 6 ! Rand Mines Properties ...

95 rl K. ill 14.8 Rembrandt Group

T8C-+1 B.2t * s { Retco - -

SQ.'.ni a . iSue Holdlnas

II * 8 i C C - Snaar

to “tl ai'it I s * Bre «* rtes

2? — }1 “f jTiaer Oats and Nat. tflltz.

B3 +3
159 ..
481 -4

; Uwrad L. GO - 1 1 3I.ri> 2 6 ' Twer 1

■?. \ 1 ■ 650 T 10 59.- 6 1 1 r n-lL

'2 ^ "* — ■ f-M +33 i ( .3S 3.c ; cT,

UiiJT* Far H ■teb.
Lnl«*v*+:r..i3fc.,
Vihmftilv.lnuu ;
WkMlanJ -ii. banf. 1

22 l^Mfort Hennesri .. . 321 +4 ‘12 - jq< accuiriii

*j* ’ * 5 . .Uraiituev — 13a«d -3 S 5 * 3 !

f* • |-5 ; !> r ! Ua '' 137.4ro.- , 0 ^ ls.sa 14.6 !

67.1*0.1 7.5 Ujl SPAIN*

10 4.9 , I'fcnuu-lti.’tanri... 190.liai2J., 12 63 ;,

= • 3-3 . •'wiseol-Ciirwau. a 64^ + 4.6 . 15 . ge | JalbaTV -6

30+ 0.6 itoJam 95 -3 8 - - ■ AslamJ ......

55 0.6 f« wJi..'- 298.1 !... Za.5 8.3 . S

40 5.0 •»««>•* — 480.1+0.1 54 o.u

iVm. ua, 83% . jjajfl

IViBvUtMqtL: U% 19%
PMa.iNn.SbU...- |t 21%
l%AAn>"*«-iA(r 5 5%

liViLa UannlAu. Ji% 2 221 ,

tobntv K% 21%

Pen. Pw.* ia Su* ■ 22 %

CtoWJA' j.‘S*f

renn r .+,.; ni* : t9
.. "7% ! 7b
Pifpm»Ua*L-..„! 33% ! 33%

Pepfaco ... ..

«*- 1 r.u.9 as

•gfi • a8bl>ht«n bro. 21%

ffi= [L'VL r , 21%

i r.UMv 19%

l *«* - v so*.

“.*» faitewAV- 63>*

S'* t'mon Hhrov ...j 13
Ln^-u (iariJde.... 39
_2£ L'nJba mitaii; 6:,

S = CntaD flilChIHL. 451 ,

tawoltaafajj 4S%

l\na.U.:liu- 15:-.
' OiM+iat Hf.: 11 4.90

Pa.-ii- vuj .. . S» 2.09

■ Pl'riwt ;1* write 1 ... 765 .
ll.rfiu.tti iixWi, 90.250

—10 • 10 4.9 iVrcuU’Ki.’taiai... ,

■ + 5 a . 3.3 j i*HiaL<ot-Ciu=i«u.. ^64A+4 k ! ifi . S.fi 1 Januaty 26 Pu cent.

*1250 jBb j.b rojain 95 38' — 1 Aslaod — US —

o-v .roll. ..... 8.925 -2a 55 0.6 l^ito rewiu?...- 298.1 i... 2s.b 8.3 . aoS2i« Ti'aM,- + f

—25 40 5.0 480.1+0.1 24 o.u U,W0 SI “ 6

fMiinlirli.lJj: l.aSO 10 2U 1JS tenKawn 51.4+ j.4 9 18.0 j IfES %£. ~ 1

Ntbi+.Ki, til.... 3.700 - 6 n 3&.S -2.3.«-afaiii 112.S +0.7 .lwfi 12.1 cSSaL 5S ~

Ou. Klx 3.3Z6 -15 -ib.& 5 . T. — 1.62J .+40 I 59 £3 iSS Sh iTiliifl) ufl “

*nL*H, r.tx 3.455 +16 14 5.7 [ *•»= *05.342.3 1 2S.S 12.4 1 iSS SSSS «

5} I* K . IDi 287 ' ‘V2 ' 15 ’ 5^1 iNW»e«iii«Sfc... 503 +3 2 1.73 4.4 i 7, nog,

% 0 d 0 fciFr;«du 4 *^M r +20 ; 26 : 1.0 1 lheo»ra- Bracit.’ ; 1265 4 1 . 8 1 15.B } 1 A f ^taL^wSwinil^.

7-5 1ZJ 1 SPAIN *

Securities Rand USJSQ.771

**:» . FacAJV:." i8‘. ; 59%

iv-tn iv*v :z ■ a 2 %

*22 J reimr 13% il4%

fjtJ t ver,»a* u%«, s.. 4.50 ;*.3Q
J; 1 * J r««u«< 3 mi . 0.94 0.95

*2 l *taor 19% | 19%

*2r* »«ra«Crrsrra|*6 10% lO%

fPrirt tlbii

25. i iJOitaePturBeer. 140 L40

H z.‘* I Jbmrt.* 84 t7\.

7% iilMKa*. — Kz 9

7f* teAipci^.. 26% 25%

lO-a J tUi. c Cki. 26% 26b

26% liijmlrert-^. 15% • 16%

fW—'+ l l *

HWi— ...^
Ptatpa Dbttjbv.

riitadrtphbi 8%. . 18% __

*?}* ttdlfp srrra^j - 56% ! n7% J i‘». a,

SJJ fth . 2 >% } L‘. T*ii

« s * nuxb— +•- 68% : 39 ‘ CT ini

15 80 * Wi,’ ’ ioii 1 vif+tnu

7 % Ruhml— mwj ,; 1-23% ■ 23 % I'VibiN

265.87 «"«»*« al>Bi 17% 17% )vm5?

21 -Waraar.

281; rtA.nM.1..^ 1 2*%., 23% g«|*

39 % htiranc Fwe.-. ! i»u . is% Wr.taR

4X1, HWI Ift-DWIKU) w«a 1 26

l&J* **r.«er Oaai 79% ; 81% W.-rim

401* i*ubS*ri^W4C*.- XU* 22%

Ki, IM., 86% 1 85%

7% I'pt** j. 18% ; 13% JJ.r*i*li

89% OirtkMUslk.— .. 21% 21% Wa.ve*

x% UarAi Amenurn.. -6 & . Wtofyr

67% IWtvtbHO 29% *0%

, 11 . IlHll 1 X4 1 84 la Walkm

V»uu*i(ALmi t^-c 15«,
J.ir'Hih Kurtii. ,

i>-ia.'. .... ..’ TO.I,
. 45 ■;

Auiuui F.„r*. . *5:y

I^Bavt Nau Uaa.J 48.*
I'+m' 241 *
, •rfUlWriia! 4?iV. a!
|j *|m iHill.l S8%
-13

SyOhul Daw : . . 45
If«bia«.,.,i «g%

14;. tniurcrot BataO- 7b ,

87 ; j XtOI ... **445

,<j , Int:. llirum.. . , a«i
-38% J lull. Hai»T»tei-. . «*as .

6% I KIEL MinXt’taTC 39% :
2x:.- ‘Iron: MulT;|.Mb. 41*,:

15 1 * :

■ inn. r«*«r-w .. ■ a»*i
3Uu I IlNI —t. . ao‘« .

«2u . lau Mactih*-.^. ; 7% .

flol.'lto.hTeJ.'.' 28%

m‘i I ureal — — — ..
l&fa (bwifcft. M .

: m# 1 IP tntaaatfcoaf.
1.48% .J mftaJMe-..—

451, 46

4S% 45%

; , ... CnwTai-r +— .1 7% 7%

t- ;&'* i5*’ 1 Brand, .-.. 7% 7%

* ®**» 3* l ahrvl Cc+p US, : 20!,

*P* i putaro-rT—. as% . 26%

U% j 19«, CeLOy^wwr »S% 21%

iJ 1 * : « L^.tau*. ZX 22

56% ; 07% - 61% • 39%

fc% . *<% UMwiMpa..: 32% 32%

55fl, : 3 ® j CT lufiLftarak.^, 16% 18%

WJ, loS* I Vt^uta 10 m-. Mb 14

» * *3% ,‘WaVPtaa »% 1 Ml,

17% 17% jlTaraei t'.mmu. 29% 3c%

• fimw-lainleil 271, C?%

3 *%., 23 % nKU-SUu'irfKl leu 18 %

tali', I 3 I 4 WriWfiiF.'— ..' 24J* 94%

cU. : 2f* S'rtfitt &hui. aOb 30%

79% ] 81% ••tun*. Aw] ff-’ W-*

fcUa - saia neWDlrea.. 16% iwt

*6 la 1 85% l'»ri 18%

15% : 13% Wpilaieo- 2* 26%

COPENHAGEN *

IV. T 1 4 if; Dtp. VfiT.
Kiwi — ■ i i

55 cJ.6 ***- jl0 ren:iv5..«-

£0 5.0 *4ak«ule

2U 1 j nbiw Fc.i-vn ..

A :nb.n: a: 1 u*u—

duneWW^.3 ^ 428b -1 lS.ABi Uu. Pmvc^rto— , 502 .+ 12 26 8 . 6 ! Llrt *w»'— +— — .

Dansfce ttcuk — 1 1291 .' + 1 , : 11 B.a J ^MitalleiCisnOC! 305 ; ' b ■ L5 “

u*i-.'U4ta:tab- 242% 22 ^ j nairer iCujF.lX.I 374 .+4 14 * 8 1— %J1

rinamiunt+tw.' 113% 13 11.3 | -IwlamlnF.lSUi...; 852 '+17 3.37 3.5' STOCKHOLM

For.Orjqserier... 3sw% - j, , SHin Bank fK.iac! 428m- +10 ‘ 10 4.3

For.Ptpr 80 . b 104} ‘ i*'** SKe-F.-SC!.. 55.000 i _.■ 40 , ZAll 3 — *1

S««teiabanL. — 252% — 11 ■ : L'nlon Bans 3.845 ;-rS 1 ifl 3JI 1 * BI3 -

y**?y* l< " lt *’ 12 ‘ 4J i '-orieh low. — : 11.650 + 50 1 40 : L7i , c tli| A!"

Aonlhabe.; ; 256% 12 '4.7! i - ! t Alla ianirlKn

— « — ‘ — j Banco Popular

1 Banco S a n iandCT (3301
(Bacco UrqaiiO flJUS}

i Banco Vizcaya

Trice -u., in*.-, lul. ! ““ — ■

Krone ‘ H te ‘ t |SSfS«nr=

Tto —1 IZTi -

,~J , S ■ Draeados ”

28% 29% ;W0*kMO«w ZH; 21% piiwriww. 20+1

1%. li, UapklAnmwrn-; 6 & , ; 86%; 20%

89 , 67% jWtettaoo 29% ■ 30% }miMUen.insL.' 20% 90%

III* .■ 11% ! KCA.,- 1 24 I 24% tWUUaiuCo 38% . 18%

*7% 26% ; te»oKte Wtat—I S4% - 24% .ItfbMasa £%cl+ 28%: *8%

j Arnffira hear::ce> c %

*1^ wui .V t3

?*:• I stew Uaka. — 16%

J"* 1 luartmi.Misn 4.45

}?. igiuaiUli <2%

if}* imasr 4 00

s -bK: irtataJa-. *3
reu ! s»«pV8aA Iim. 2.33
IrtaeM.-aca.ta.^ 38
ilaattalte.bi.' I&jz
\ Ira»i%aP.;«Li 15

-i 9 -:

JlnwnGaa. 10%

lo'l' * hri Pl'A *. a.9

24% « «« t',« !.•+* 31 >

* 0 % iVeKumre.... ; 13%

FiiwbiKnU^M.- 1 x 5 %

Fnr.tteqaerier... 328% -

For.Ptpr 80 - % .

aaadfciabant 132%

u.artjruHuKi*.. 251 ■

AiKi! Kabei ■ 256% ’ “•

Mndatrft—^ 88 —

PriraftaijS ! 135 tj 11

r V iP in ri » ali— 148% • j,

399 b. tarecuMB. 370 Z. 12
nuparUb. — ’ 193% Zl—.. 12

gJ I MILAN

11 7.t‘

12 3J

HiW ' + cr Dip.
Lin* — ; Lire

• Aita larociKn lbl

ASM :Kr^. :• 94

ALuwCe*wrKr^r ■ 122

ai.ieml ..... 80

iv. YM. taicra 1 18

Ire *T [Gmnlo 405

17 B — 1 6.6 3 . 1 ' nr

,|f*«“f.s! | S-llE^AScunesas.:":

,®2 ■~~ A ‘ ' ’ l6 ‘? 8-5 ■ Exai ffio ■nmo —

118 —5 4 aj Fecsa <l.M0i

•06 ... 12 oJi rVMBa

I Gelin.'ou

Au’u .... 184. -—2 — — I am’.in ■rikil

Iuwdm J+k:..... 988 -15 . 120I2J t’R«irS'.K:A

HTTM M * — 400 B - I fejlae.te **8 p m ,.,.

Ylcr* N A 1.B25 -10 ISO 7.8 Facmts.

-■ Hnv._» ...:1.51S.S~9.5 ISO H.9 j Gran+ta Hree

. *' r ^» ■» ««> 1 1 -mM.bi BUS — 133 ‘ — — dan-tt-mironki+i

*■ ' — l i lUu+BMll / 10.203 —50 ZOO 2.0 4 Slentan

“rr^HTi irr : 1 1 raiw-ie* i<a.s-o.s — . — yuou*.

i2S2S2? ,L- "* ,, *e, :3i.20a -iso i^w 3.9 !

— — 1 -* . «S : 5-4 . MkWnll+r, 341.6 -2,6 - - - f S.K .K It K

5 2? ~~ 2 w «5 IthHlihir ■ 769 +4 - - [ a*esi1 fciRKKda...

•**¥•—• ~ ’ r,. ^e” 1 * l**- 2.025 +5 110 a.S lan.iuik *trKrr<:

JSJ ! T J ; £ 1 !■§ «««1 dps ,1.024 J —0.5 , 80 7.8 LUietasB

1+tHwwr- 226 +1 ’ H ■- 6^ I .-tab 44ft +2 IV« -V. ”

VIENNA

E«.:e-8 r „ ,\ 230

s; ; }*■“•+■

18% . 18% j .AM*

AMBKL f 88L UOXL
i Traded. tKav aura.

200 —7
UO T Z

133 •

10 5J3 ' cal. 'Preefados

a.5 Hjg'.r.raoo vela 20002 uaoi

3 4.7 . Hidrria

b 1 3.6 . na.-njGFro

S3 — 1
30 -

*£* + “
78J0 __

MB _

US ^

5^: +l»
+1

-r- >
A ,

JLM ** VlWraw

— — 1 ^aeol k:nki:da^.

110 5.5 landuik "IThm:
80. 7.8 [ L'd-ieceiR.

— I — I Vnini :Kr. K:«„

81.5-5:5 e S.S ; JTjma&amr X26 _ ■

51 J -3JJ - ! £ tan ? • 77 — j •

2 M I 4 .« b. 6 iP»w 5 j™ REiulda^ 60 4 2 jn

126 -:. .. . 8 6 5 INiroliacr 13 ,-

gti n & in 2 rtftroivot ... lllltlllllIII inc

1 *. + :-

Si 1 1 ™ '5 £

^.S — ,'MBCC* — 3110 T |

^ . §■? ■ Lfltott Elec. a •

T'iTncs Friday Jafluary 2T 1078.

INTERNATIONAL FINANCIAL AND COMPANY NEWS

GHH hopes to maintain
dividends this year

l BY ADRIAN DICKS

GERMANY’S largest great.

OBERHAUSEN, Jan. 26.
would benefit from the fact that its

hgineering group. Gutehoffnung- undoubtedly be a rise in the dependence on. exports had
huette Akdenverein (GHH) is share taken by local subcon- lessened in the five years be*
autionslv hopeful that it can tractors in each large export pro- tween 1971-72 and 1976-77,
laintain'in 1977-7S the DM6 per jeet,- Herr Lenn'ings added. declining from 5S.4 to 49.S per
<M50 share dividend which will As GHH sees it, such adjust- cent of total turnover.

' i e proposed to the annual men is to its terms of business Of these, the share taken by
-'■eneral meeting for 1976-77. Dr. are part of the battle to remain other industrial countries had
■ leinz Kruemer. the finance competitive, as is also the con- fallen from 68. to 50 per cent.,
• jrector. .said here to-day. tinuing role of barter deals in while that going to OPEC Slates

: xhe dividend proposed for last its trade wilh Eastern Europe, had risen to 23.7 per cpnL from

AMERICAN NEWS

SEC holds
fire on
market
proposals

By Jurek Martin, UJS. Editor

WASHINGTON,- Jan.
THE SECURITIES and Exchan

General Electric chief hits
at tax proposals

BY ]OHN WYLES

NEW YORK. Jun. 26.

A SHARP ATTACK on President he pointed out that “no other pared with S292.2m. or Sl.29 a
partor’c nmnosals to tizhien uo country in toe world . a thn narlnrinnAM 1

Eaton lifts
profits
to record
levels

By Our Own Correspondent
NEW YORK. Jan. 26

WASHINGTON,- Jan. 6. Carter's proposals to tighten up SSsoura ta'come' before it . Summarising the performance EATON TORPORATlON. the
HE SECURITIES and Exchange on the . taxation of American STmSSS. and some, such of the company’s main sectors, jnicnwiiondl an( [

Commission has .decided to corporations’ Toreign earnings ^ France and the Netherlands, Ms. Jones reported that con- eifl !ipmrnt pustu-d

give only a fairly modest regu- was delivered to-day by Mr. d0 not tax rr at all." Burner products and semccs had » r

latory nudge m the direction Reginald Jones, chairman and Despite tbis criticism, Mr. sales well ahead °f 19/6. with “p 1 .1 *

of a national seainties market ^ief executive of the General fuU of praise for the nlajOr appliances andaircond- ^ WU1 .

in the U.S. its keenly awaited Electric Company, when he JJJr - m Jhich the Carter White tioning doing particularly will, nw rworo i

•mliiw Wnmimunf nn iha cnh- j _ ... ;n«M,ca ' . ... .... , nTArllli'ls Hn Cl D3ID.

lent is unusually cautious in up a per cent, xo uaiizrm., ana qualified optimism tor jsth
- vine to predict bow the second new orders during the business partly bn the recovery in orders
'aif 0 r the current vear will year up 16 per cent to DM for capital goods that bad taken
-evelop Herr Manfred Lennings. 13.5bn. Productivity measured place during the final quarter of
he chairman, said he would “by by value added per employee last year. Among the major:
'.o means exclude the possibility rose .15 per cent from DM.46, 500 areas of the group’s business
hat domestic demand for capital to DM53.500. which the chairman said could

nods would increase slightlv Overseas and export sales look forward to a profitable year
urin u 1978.” This would depend, were down 10.8 per cent, from are some branches of plant con-

over me
restrictive

& .SBSKS* or E2SS& *? £,*"2iSS S3 oS’SSS tS^», •»-: ■»£• WJf.’es-

■r,.fd” ™ ani?*provememfn the' a deveTop. ,nd* The op£“ ^det^ hSplt c£ T^Seral Eleetrie's un- Technical system, and S2.1to. ram.mre.1 LJS.S1V™

«.ut n .n. nnnArinnnn i n b-hinh mem thai Hen- Lenmnes said rial vphtptps — whem the n«t «ui.. t« A~ine tK.h hv indefinite deferral of tax on cor- in 1977 General Electric s un xeennicai^ . «i,„ Eatons fourth quarter tnm-

. Herr Lenmngs said that with
he recent revaluation of the
feutschcmark against most other
urrencies. *‘our cost level has
cached the point where it will nn
anger be accepted by foreign
ustomers." GHH had moved over

Higher Siemens earnings

ustomers " GHH had moved over BY JONATHAN CARR BONN. Jan. 26. could see no reason whv two doing ail it could to t

•jraujs sr b spswjsrast -a . SSeSSSS 5 ^

The GHH chairman admitted. 1976-77 business year up to cent, againht 2.9 per cent in the f

ow-ever. that it was not vet pos- DM659m.. from DM606m. previous year. ; The company if im P lemented b > 1 ly|.(|||6S

!ble to measure the precise Because of the new corporation gives as one reason for the re- »,3. ei S Mntmvmiai
mpact on group orders of the tax reform, this means that West duction. the consolidation for the Jr a r -«tri<.

ollar's decline. More and more. German shareholders will receive first time df the power station J* 1 “x l ai JT m. by STEWART FLEM

he GHH companies arc concen- DM12.50 (DM8 plus DM4.50 tax construction company Kraftwerk i wS hi J r

rating on a few very large creditl on each DM50 share. A Union (KWU1 in its results. 5u tl0D M !iii t3 i, fhl THE SHARES of Mot

xport ardors whose circum- total of DM257m. will be required Siemens now wholly owns ff*: J?® fourth largest U.&.

tances are ail different, he said, for the dividend payout KWU, having acquired the 50 per policy statement said tnat tpe company, slumped on

lut because of this, competition (DM254m. in 1975-76). and cent stake previously held by Commission did not want this York Stock Exchan

or each order was increasingly DM154m. will be added to re- AEG-Telefunken. to -be construed that such cur- when the company an

• rent restrictions might be 54 per cent decline

allowed to stay on ■ exchange quarter earnings. .

Firnlrpro nnotatinne ar,rt rmnta- veto these DrODOsalS. whit*, he tricaj equipment, wet earumsa . uiao inienwuuMi. w
Son fS°^n renortfid said “viraddMrSlv add to the of SUOSSbn. or $4.79 a share subsidiary, reported higher earn-

2SWST f0r 9X1 rep0rted £ teta £ a! n per cent .up on Mi ings. but the «np»£ 1 iwg;

The SEC also said that, on the the - competition for export busi- 8930.6m. Sales for last year were ments
basis of present know led °e it ness." The Government should be about SI75bn., ■ an - increase of abroad showed bi^her sales and
coSd see P nTrea^ whv mo d<Sg i I it could to aid the sue- 12 per cent, on the year before^ «S , £toS^Ste if
other facilities— an inter market cess of foreign subsidiaries of Fourth quuter earnings mte Exults had ! « ci “ ded Te^efunken
order routeing system and a U^. corporations, he said, and S332m. or S1.46 a share, com- toe holding in AEG Tplefunken

universally available message — ; — ;

switch enabling "dealers to . _

f ]\jqiis jjito fall weakens shares

A cost reduction ornemnunp
and foreign radiance

pany says ii will try lo rpdnn*
tills* rate during the eoniin-

)t be implemented by ! Monsanto tall weakens snares 3ssa,ra'^j3

e controversial issue ■ vear, especially boa' y ditty

iard trading restric- R « ctcwart rauns NEW YORK. Jan. 26. truck components, i»;1it'.r.Ui)

s SEC deferred any BY , Uf, trucks and power trails-

itil September 30 at q^E SHARES of Monsanto, the quarter earnings -per share were. Union Carbide s shares fell « mission systems. Eaion is
iert. Although the fourth largest U.S. chemical 58 cents,- compared with $127 to on its figures which. were reputedly still in the market

NEW YORK, Jan. 26.

‘Satisfactory’ Holderbank result

- ■ Separately. Union Carbide, to

mi luc jcm — . — . . j - ..«■ ^

share) compared wilh earnings n'Tfffl 6

of $366.11 m. ’ <$10.05 a share ) in CglJ a fhare) {« 1976. In the

(SrF-.LS a snare; 111 i»i«. *11 1 1 1

fourth quarter Union Carbide’s Ashland aSKSSlCOnS

BY JOHN WICKS

ZURICH. Jan. 26.

niuuiu Huuimij, iviu second largest U.S. chemical- com- xv< • • . . "1 " eincim ;ei « .

porters that when the Sep- pany reported virtually un- The^ Cdmpany said that- fourth ^ are !% LCa jj3 S t 51051m CSL 69 a COFCO IH^CrCFt

temher de^me ^e ro^d ^ ged f^rtlHittarter earnings quarter Srnligs were bit -by ASHLAND. Jan. 2>V

riude that SJbs Sd i “JO* The company, suffered^ a^ 34 MR . 0 R1N E. ATRINS,.chain.nn

S immediately, or should Monsanto and Union petrochemicals, including styrene tents a share loss on foreign and ‘ chief executive of Ai.hu r«t

“ Queu uuiuBuwisvi ui auyuiu hnvn raiffomd harilu m mniMundr nnri nhr>nn It .inrlpfl .... nn.. in lha .... . . . ■ . . ■ .. j...-. ...... .•

THE SWISS cement industry subsidiaries and affiliates despite that the Spanish company would
lOlding company, Holderbank the state of the consthxction take over the Basle undertaking,

■’inanciere r:i anis 0 r Rlams industry. A marked rise in turn- John Valentine Holding, from its nnt to abolish in one Eel! swoon ■vc.v scuiuia mi iwv miuui.vui Kuij w* i“uvwuj, *■“« v-i. loss 1 nr uus yeat. doninc its iniorcsi in PCiimnn 1 :

xpects a “ satisVactory M result over and an improvement in Swiss ^parents Sandoz AG and such restrictions as are etn- land the associated low bade on orders In the fourth Mr. William S. Sneath. chair- anv s t a b e \ n Commonweal \i\ Oil

or the oast vear. This is slated P rofits has been recorded in the Globus. • S5i«i In Ru e aflo^f ?he New utilisation of capacity and weak quarter to adjust onventones. raa n. said that 1977 was a year R e ’ fini „ g Company.

the companv's Board in the an ^ * n lbe Middle and Far a spokesman of the Sandoz York Stock Exchange which addition, it continued to jp which operating matins Ashland had an notion 10 luy

irospectus for’ a Sw.Frs.60m. East, while companies in Canada concern said to-day that the first prohibits member firms from Monsantos fourth garter report losses in its European were under pressure. The [^ a controlling interest in Common-
£15.7m.) bond issue being and s 9u‘h Africa were subject to payment foreseen in the Decern- handUn" off-board transactions. **“«* share by te ^ le operation* Low shipments was strong resistance in world WC2l1h fnr gsom.. hut it .■xniroJ.

■ffered from to-day to Feb^ recessive tendencies. her takeover contrart had not ThSe who wish to fe^in such sauprise, however, and toe.share ° f polyester^ filaments _also markete to price increases we nne xerciscd. on Nnveiuher Si.

uary I. During 1977. Holderbank been made by Playa del Rey. ” “ “

: Hniderh-ink which !a*i vcir strengthened its participation in

1*1 . net turnover of the Amylam eo.w m; Bunde . Gedit^UISSe claims “Mirrin.-X.yuch. WUT speedily .T .**“ —?.? ‘

iw.Frs.l.SSbn.. says that sales. Ce 4 ment Gompanj. the prospectus TTnunr r,n ->b acquire even greater domlna \

ash (low and net profits a ll l l otes - and took up a holding in rta1! , n , T JS 8, tion of the markets than they .. .-r r-:.-. ' s . A -.?. •• «■ >.

^^ c sSn 3l nT iH i r^ ssffi'a ssssr'® Papermakers deny ch'atges

Wiss franc figures will be . . _’ . _ aeiinat S FinanranSf try a - rgu£d ! ha , f «*? r J °

iffected by the decline of the John Valentine Sale Keslr werp orioinallf^nwiH ^ *n/ Particular, with- BY OUR OWN CORRESPONDENT NEW YORK,* Jan. 26.

■gainst the? Sw°ss°currencv! nCieS falls through Sw°Frs?7bn iSS® 1 a ! 2g national 11 market* system. FOURTEEN papermakers, in- quoted to buyers of the corru-

mm, ;e S? rd ,0 « h . drvrlnp. THE SALE .r the John V.len- MSSiniiu JS? T L?' tS* EZ SK a,C tot to

pent of business tn various parts line fitness clubs concern to the told an extraordinary meeting SXlness The SEC^ delaj- P" 1165 “ . 1 “ d ° s . try * h . ave took steplfei enforce compliance,

.r the Holderbank group, the German-managed company Playa that this level was clearly too before istikelv to bei b ? en charged with filing prices u coo ^ c Sd, the companS
ompaoy sa>^ that there has riel Rey S.A.. of Las Palmas is high. “® ra J ore - 13 i0 De wel of conjugated cardboard con- ^ Eolations

/ .. ” ~TT77 .+• * «*: ^ • '

Papermakers deny charged Me share of

BY OUR OWN CORRESPONDENT NEW YORK,* Jan. 26. passenger car

market slides

»ecn a slight improvement m the not now to take place- Only .last
inancial results of European month it bad been announced

CSR Limited continues to seek
opportunities to widen its
strong resource base

Extracts from CSR Limited's report for the
half-year ended 30 September 1977

The CSR Limited group consolidated net profit before
extraordinary items for the half year ended 30 September

1977 was USS27.4 million. This is Sfi higher than for the
corresponding period last year (calculated at the same
SUS' SA exchange rate).

Notwithstanding the present relatively slow economic
growth in Australia and abroad. CSR remains confident of
future market prospects for the basic materials which it
pi oduces. CSR continues to seek opportunities to
strengthen its already strong resource base.

The business environment
There are encouraging signs that inflation in Australia is
moderating. World sugar prices remain low but a new
international sugar agreement will operate from 1 January

1978 for a five year period. The long term sugar contract
with Japan has been renegotiated on satisfactory terms,
including a one vear extension. Industrial relations at Mt
Newman in the Pilbara region of Western Australia are
now much improved and record iron ore production rates
are being achieved.

Sugar

Total raw sugar production for the full season is likely to ba

942.000 tonnes (952.000 tonnes last year). Record
crushing rates and increased efficiencies have been
achieved, reflecting extensive plant improvements and
expansions made in recent years.

The program to upgrade plant and operating efficiencies at
CSR's six sugar refineries has continued as scheduled.

Building and construction materials
Sales were marginally higher for the half year to 30
September 1 977 compared until the same period last year.
The main factor affecting sales was the generally
depressed level of building activity.

Minerals and chemicals
The Mt Newman venture (Pilbara Iron Lid . 68% CSR. has
a 30°„ interest) shipped 12.9 million tonnes of iron ore in
the half year (16 million tonnes in the same period last
yean. However, record output rates are now being
achieved and averaged 3.4 million tonnes per month in
October and November 1977. Construction ol a heavy
media separation plant has commenced at the Mt
Whaleback mine, which will permit the upgrading of 7
million tonnes of ore per year.

Buchanan Borehole Collieries Pty Ltd (92.65% CSR)
shipped 552.000 tonnes of coal in the half year (422,000
tonnes in the same period last year). Expansion to a
capacity of 2 million tonnes of soft coking coal per year has
been completed.

The Gove joint venture (Gove Alumina Ltd . 51% CSR, has
a 30% interest) shipped 1 ,014,000 tonnes of bauxite and

165.000 tonnes of alumina In the half year compared with

925.000 tonnes of bauxite and 162,000 tonnes of alumina
in the same period of 1976. The plant al Gove (Northern
Territory) will be modified ata cost of about US$30.8
million to produce sandy alumina, which is in greater

• demand than the floury alumina now produced.

The acquisition since the end of the half year of a majority
interest in AAR Limited represents an important step in
improving CSR’s access to basic resources. Development
of AAR s Hail Creek (Queensland) coking goal deposit will
be a major priority for CSR in the next few years.

KLM out of
the red in
third quarter

By Charier Batchelor

AMSTERDAM, Jan. 26.
KLM, Royal Dutch Airlines,
increased its freight and passen-
ger loadings in the third quarter
oF this year because Df the U.S.
ports «trike and problems at
some European airports. Net
profit in the October .to Decem-
ber quarter was Fls.25.7ra. com-
pared with a loss of Fls.18.8m. in
the same pariod a year ago.

Tbis brought net' profit in' tbe
first nine months oF the year
ending on March 31 to Fls.172.5ra
compared with FTs.94.Stn. the
year before. Income continued
to rise at a Faster rate than
costs, tbe airline reported in 1
Amstelveen.

Revenue rose 12 per cent, in j
the quarter to Fls.B66m. while 1
costs, including depreciation. I
rose only 6 per cent, to Fla.636m.
Revenue in the first nine months
was R per cent, higher at 1
Fls.2.ISbn. while costs were 5
per cent up at Fls.l.92bn.

Net profit per Fls.lOO nominal:

By Our Own Correspondent

therefore, is likely to be wel- of ^‘"co^catod "^rdbo^d Hj. co ° victe t ** companies NEW .YORK, Jan. 26. UAL D3VS more

to* tore S? I* J&TMIE ». ■

tion.” Mr. Williams said, "that 5?^ Mountains for the past IS ea ch. - into tire newTei^th itTcar ® p l e A r ?\ in ? lo ?\ L ' n, * ed

exchange-based restrictions in ^ firms have- already c&i4>q in t-h<» final Quarter of 1077 (UAL) is raising us quiirtcrly

the context of a- national The indictments have been denied the charges. And said that nBar iv 14 per cenL and divi ^end from 15 to 20 cents a

market S5« «S- Srappre- handed down by a Federal Grand they will fight the case. A spokes- SfabmS ikilfto sh *^

priate.*' but he flatly .refused Jury in Houston, Texas and the man for International I^per said veh lcles nrincinaliv the Jeea T*^ company announced in
to say when he thought they companies named. include Inter- the company , believes .that the eomuaiiv's toanrial remits Ghica 8° a n operating loss of 3

■would formally be ended. « national Paper, - Continental charges-.; are-: unfair ; and unwar- wnts a sharc for thc final quarter

wealth.

Ashland Ou had prnviri*-.f
crude oil Tor Con»inonv-e::!:li
Oil’s Puerto Rican refiners Vr.
Atkins said that Afhhnri'*
M endeavour in operate the Cum-
monweal rh Oil facility will h* at
best deferred, and nvoltyhjy
forenUen."

AP-DJ

• would formally

for the final quarter

m«s HMUUU UI a uauuuai ciu- American Motors wll coon haso oo.ju->,uvni previ-

market syaem. the SEC sug- Tiototlons. ployees were amongst the 26 SSf^Joice hut re iu ousy - on rev enues of S825.7in.

gested thaT further study was The 14. companies had sales executives indicted. - • a S ainst S744.4m- in 1976.

still necessary. These include of the products totallii^ about The spokesman added that JJJf" Operating profits for the whole

both basic issues, such as who S22bn. in 1974. The indictment there is Intense competition In JX? P roducer * P fob ‘ of 1-977, however, advanced from

would regulate the market to charges that the defendents dif the market and that customers aD ^„£“°!f 0 e ' . ^ S19m. to S92.9m.— from 75 cents

financial factors, such as the closed and received . from each have received exceptional values _,M* e s marKe t snare j 0 $3.72 a share — on revenues

use of put and call options, other the prices charged or over the years. ger car market has up f rom g2.93bn. tu RS'Tbn

and technological develon- - faJlen from 4.8 per cent. jo.197o Net fi-ures for

5W_Sft : - : V JSS5f P*a«U exclude, nninrtS

raents such as the creation of 1 . ■ -- psiiuua cAi.iuutr’s an OYI r'lnrdin-

Bell Canada slowdown §££££' ai

which time lhe industry is 11531 falling short includes investment t-iv rr „ f i 1TC

wpeced ,0 come U p wiffpro- BY ROBERT G1RBENS MONTREAL. Jap.. 26. equal to S1.70 '? SU."*

The SEC made it oulte clear CANAUA- .$** largest Regulated telephone earnings in order to break even on its Ueuter ’

that two precise fonns of Canad,aD communications com- ip 1977 fell to $C4.73 per share car manufacturing. p ~

national market had been ruled E^^ Pd ^? ^ScS at in 0a ^ y C o l S , from SC5 ’ 23 in 1076 of ai q™ SEt the ' I ° arter was investment plans

out: the first would have been orlc^K f sl ° wdowa ^ 8 rowth of • ««» « share cum- NEW YORK, Jam -n

simply to modify and unite the f 3 long-distance and local service ® 1 - 2m : . or ,5 cents a EXXON CORPrmvnnv

existin'* exebanpp warirptci a sbaro- against 3C2S9^m. or revenues. ' share. However, the 1977 fi sure inmmnLi ^ has

Bell Canada slowdown

BY ROBERT GlBBENS

cnirt urniiM tuuuu 4U«i ici bhiujuss wac — - Snare. ' . * — lur ina

the needs of a s i a r?e a^d SCL67 3 ^ SC1 ' 56 - on Unconsolidated return on Sales f6r the period were Slfibn Sp’" . 19S , 1 - «ncluti<K

diverse a counter JF& U.s! of SC936m * a 8 aiost "W Mmmon equity was S559m. compared with S55Sra in development “f-Il't!. 1 '* 0 ? an ‘ l

from Fls56AL

The figures for .1976-77 have
been adjusted to allow for an
extension oF the period over
which the company is writing off
some of its aircraft, and for
changed accounting procedures
apnlled to some leased aircraft

Traffic rose 19 per cent, in tbe
quarter while' production was 7
per cent, hieher. Passenger traffic

uiamcL system, which would anf i n k n „. ■ * * ~ a — s<uuemng ties.

take care of all orders, whether 30(1 Queb€Cl phone rates, . -equipment. A p_bj

from the public or from market *

“■}» Th i s> , in e s® nce * 1116 U.S. QUARTERLIES

SEC deemed too extreme a

perhaps destructive ^impart AMERICAN STORES INTERLAKE INCORPORATED MISSOURI PACIFIC RAIL KOVt 777^ — -

both on existing exchanges and -mini Quarter wtt ins . . ****** r«T 7ZZ — — — !__ZZZ

00 the manner in which S .. s ° Mrt cr iwr i«6 Fooriti Quarter 1577 1974 Fourth „

securities trading is now Revenue 965.9m. 885.4m. p-verme 'HI 11m m s. s “««> o«»mu-

conducted. " Net profits 6^2m. 7.01m. “gj™. 290.4m. 259.Sm. Net nrnfi. .

cirr. 1 9Q 1st Profits — 5m. 9.4m. Net nroflts audit. tueL. «« profits

phone rates.

■equipment.

gardening ties.

AP-DJ

INTERLAKE INCORPORATED MISSOURI PACIFIC RAIL

Fourth Quarter

SHELL CANADA

Fourth Quarter

Fourth Quartet-

On scheduled flights rose 17 per SE ,^s basic 1 philosophy, on persbare... 1^9 1-33 Net pg r sh2 [re - 0 .86

. r . . , I tho ntnor han/I ui> tn .bmo. "*w Months ■

cent, while freight and postal
traffic were 30 per cent and 11
per cent, hisher re^nectively
Charter traffic fell 26 per cent
however.

EUROBONDS

European Investment
Bank goes well

By Mary Campbell

the other band, was to xecog- J* 1 "* Momhl „ Q . oc . v*a, ■

nise “that the nation's securi- : -jtSJJ* Revenue 7666m. 708.9ra Revenue 1 rih _ Revenue •VNlin -. t ■(„,

^ lVs S

1.4m. Net profits 36.fini.

1.60 Net per share... 2.71

VMr

23, ®“; N !ft per share...
1.80 Vear

1W7

S

45.1m.
• 0.45

5

:W.9m.

0.39

means of achieving the goals CTTY INVESTING

of a national market system ■ —

may be developed.” The Com- F “ rU ' »J7

niission’s own pereeired role R< , tfpnil(S .- '

is more that of the. rough

architect, drawing up a frame-

work in which the securities ^®tper share... 0.7S

industry could make c-.olu- Revenue S.lbn.

tmnary changes. vm nrnfits ...... R5Rm

^^SER RESOURCES NAT. DI

700 . 1 m. . FBm1h 0uarWr MT 7 1 W 76 FourUi Quartor

^akc Rev c°ue 72.7m. 71.9m Revenue

Net profits 13.0m. 14. 3m' Net pro

NAT. DISTILLERS AND CHESL ^TULANhTokIT

2.5bn. Net Per share...

14.3m. JJ et P r o fl ts ...
0.54 Per share

Year

SferSa^w^ S unThXd! McTtonn*}} SSHfifSt:: - - IS & ."2* “Ss ^Sw*""V

oeak order book' g ^^aofic cgrT^ ~

offering traded at 97J/S after a McDONNELL DOUGLAS, the fm o^rter ^ ^ INCORPORATED

99 pricing. Howev.er, there was aerospace group, boosted net Sec * d ° I,art * r - s 5 ThM Qumn- 5T-

very tittle dealing in the issue, revenues from SlQ8.86m. ln 1976, t-^L Revenue 212.5m. 1655m » 5

In the sterling sector, the equal , to S2.S5 a diare. to orofl m 5 K S e ! profitS t. - 14 - 3m - W^m 5®! enue * 305 Jm.

European Investment Bank Si22.96m„ or $3^0 a share In share iffl ?®S» ^ per share 0-« o.48 2S profits v -‘ S-dm.

offering which closed yesterday 1977. Sales were unchanged at 68 0 93 „ *5* P e LJ hare 1.38

was said to’ be well oversub- S334bn. for the year. Rev?mm 973 7m 823m. 5!!®^.* 568.3m. „

scribed. The results reflected a furtber Nel profits ‘ M& 22 S"*® 1 ! 60 - lm - *>Ani IVt*™**. S1S - 9 *-

A particularly interesting point quarter upturn in net -profits per share 60 3.05 LS3 Net per share ? ' 18 1-4S -S 21.1m.

about the subscription, however, from S2S^7m^ or 74 cents a mTdVvhav “ et P® r share 3.10

was that it contained very little share, to‘S3426m.. or 89 cents: on R-R. DONNELLEY AND SONS MARATHON OIL —

interest from U.K. (nve«ors— sales.up from $9$8.6m. to $Llbp. -5^3 77ZZZZ — ' — ^ — "ZZTZIZ PFIZER INC.

issues by the ELB are among the In. New York yesterday, the s ? n Mangy

few external offerings in which company said its firm order back- Revenue 189.7m-. 184.7m. Revenue 1 -?hn «

Net per share... .3.01
Net share dll... •

“ Restated.

1.29 Net per share — 2.14
LOUISLANA-PAC1FIC c o^

F—rth Quarter 1977 1071

1.98 P^ts
Net per share

PET. INCORPORATED

TAW Qiuner md

1WT IWti fourth Quarter „„

*£•£!■ *M». ^nu.- «,-> 5m

-il-nm. profits ip- m M-r.,

0-S9 0.83 ^t^per share... <147

L59bn. 1.5b n. jjfvenuc -j 54 tl „ « ,

4» :

1.59 bn.
S5m.
3.27

COMPANY

«bT 14 am. 13 n m 305.

1S -|S; ^ et P er share 0.52 n?c ^ et Profits -9.,

0:93 Vur

Net per sharp

Revenue 7945m, swim w» Hanuti w

60}“: *t 5!™"“. 818.9m.

2®-^“- Net per share

1-chl

PmmIi Quarter

i/T '• H Jb 1 O'Connell Street
\.AIb Sydney Australia

Exchange rate: 9 Jamary 1978 SA1 = USS 1. 14

British investors can put money log as of December 31- was Net profits ... 15-fim.

free of dollar premium. This S4.6bn, compared with S3bn. at Net per share yOM

suggests that the future of the the end of 1976. Total-backlog vw

sterling . Eurobond market will was. a record $7bn„ compared. Revenue 661.8m.

have to be based on non-British with the year^arlier -total. bagfe- Nei .profits. ... 49.2m.

subscriptions. log of'¥5.9bn'.' . Net -per share 2,64

15.6m. J3.6m. Net profits ... S7lm*

. 0B4 0.73 Net per share laq

. Year * -oa

661.8m. 5S4.5m. Revenue 4.65hn

49.2m. 41.7m. Net profits ... 196,&m'

2,64 2^) Net ‘per share 6.54

i-4S jJet E^ 8t fv, 21 i m - 19. Sm. Avenue ...

helper share 3.10 3.93 Net profits

PFIZER INC ~ — NL t P ° r Jtha

Foann Ouanw UNION OIL

59.2m: Nei 'profits 802.3m. F * mh QoxrUfr

»» r "

S Foonb Quarter

395.9m. r,„

S.Sin.

1.32 profits ..
^tn 1 P yr Share
799.3m. ,35"

19.8m. avenue

2.93 ‘0, et Profits .
per share

“T=r— UNION OIL

MW

S

i.siin.
U3m
1 TH

nfS* 1 - Revenue

m t x h profits

b 3 - Not per share ..

u <n °-« ivr ; h , u .

Vi'L* ■

f , Jj-.U

1177

HI llii.
.179

a^-.sra'.j

i J'.l ' 836

.ii k.

i.kn*

k

Financial Times Friday January 27 1978

25

INTERNATiONSt' FINANCIAL AND COMPANY NEWS

Steel downturn hits
Ahlsell earnings

*Y WILLIAM DUU.FORCE

Trust Bank rights issue
will double equity

Increased

6Y RICHARD ROUE

JOHANNESBURG. Jan. 26.

forecast
by KDB

STOCKHOLM, Jan. 25. .

AHLSEI.L, the Swedish building More. remarkably, despite the

material wholesaler and steel low level of activity In Swedish , the BANK HOLDING Group issue free of charge, but

filockholdinx group, reports a 20 building, the group's piping. Bankorp. which has 60 peT cent: second Jpg of the operation „ . . .

~ *■ of thP Pinhattied Trust Bank and scheduled once tt is known what than loan capital or conventional! cKDB) expects 1978 net income

tbp hankine arm ot the Sanlam P crceala Be of the Trust Bank preference shares, neither ofjto-rise to between 670m. -and

: is the banking arm ot tne aaniam „ n thoir rtohts which would have deeeared Trust I «anm fmm w)7ni in 1BT7 Kim

per rent, fall in pre-tax earnings hratins anfl ran,tary

a to be seen to bo putting new I HONG KONG. Jan. 26.
is equity into Trust Bank, rather | KOREA DEVELOPMENT Bank

Kr.40.3il). I £4. 5m.)

.. division, which accounts for over
half of turnover, maintained both :

The. low prices prevailing changes in sales and profit per- j Trust Bank shareholders pub-
througbout western Europe form an ce during the remaining : lished to-day, it ha$ been an-
racunl that the group's steel trad- four months of the financial year.

nounoed that the offer will con- been to transfer

•uMi.b uiui me siuuti a o usb- lour m smuts wi we a nww i jrat, i — — — , rr-v..^. re win uh mcir iuuus ui wiuiui-

ing failed to cover Its costs, but This implies earnings for 1977-78 1 riat of 50m. 11.5 percent, ramula- « nl4m T * a Bankorp into Trust ^nces in which ordinary divi-

managing director Sven Ostlinjz of around Kr-53ra., . compared tire preference shares, auto- .£? dends are improbable,

reports that losses were limited with Kr.67ra. for the . previous J maticaily convertible into Trust 2f^^, to The 1984 conversion date has

by switching out of the normal financial year and a turnover of ; . or *V2ST y ,.^ iares I**" cbosen because Trust Bank

commercial grades. • Kr^.Ibn. December. I9S4. with an option beleSs tiwn Rgm to the Krtent ordiaary shares, now 40c. are

e 1 to convert m December of 1982 that the Trust Bank ana Bankorp » g^pecied to' nay a Gvidend

or 1983. As Trust Bank currently minorities exercise their rights. & en But the option to

has 47m. ordinary shares In issue. The choice of the unusual convert .earlier has been sup-

its ultimate equity capital will designation automatically con- plied in case Trust Bank recovers

more than double. vertible preference shares, ts more rapidly than now seems

Bankorp will underwrite the beiause Sanlam and Bankorp bad likely:

Trusts lift dividends

BY OUR NORDIC CORRESPONDENT STOCKHOLM. Jan. 26

REPORTING their preliminary Thus compares with a 1&2 per
1977. results this week, three cent, drop in the Affarsvarldcn J
Swedish investment trusts have General Index for the Stockholm !
shown slight increases in opera l- Exchange during 1977. Income 1
ing income and propose to in- from dividends and interest rose !
crease shareholders’ dividends, marginally, to Kr.41.5m. and the
The values of ail three share Board proposes to increase share-
portfolios, however, felt in line holders' dividend bom Kr.7.25 to
with the general . decline last Kr. 7.50 a share.

year in prices on the Stockholm The Providentia Board recoin-

Stock Exchange. mends a Kr.l increase in div'i- i appliances, has aunoraiced a

Matsushita
EW advance

TOKYO, Jan. 26.

MATSUSHITA Electric Works,
the manufacturer

BY DANIEL NELSON

- nas Mr. Kim said that the bank’s

R25m. from ^ d t l r * 5 i?Sre!mf 1 ® rowth w0uW *&• coa '

- return on their funds in circum- 1 expansion of the South

Korean economy, which he said
would show real growth of at
least 10 per cent during 1978.

The bank, which acts as a
channel for funding major pro-
jects and corporations in South
Korea, has no immediate plans
to borrow large amounts of
money from foreign commercial
banks, be said. Instead. Korea
Development Bank is trying to
borrow $110m. from the World
Bank and $50m. from the Asian
Development Bank (ADB). In
addition, he said, the bank re-
cently borrowed YlObn. from
Japanese lenders, and that it
expects the Bank of Korea.
South Korea's central bank, to
deposit another $100m. in the
KDB.

As of December 31, KDB’s

Island Dyeing falls
back in first half

HONG'KONG, Jan. 26.

of electrical rsLAXD DYEING and Printing turn on the strength of the

Av-O «... 2 1ATC .M.S • k'nnn ilnltuv TCdUCCd

Sm . KmSJSSmuS WrjKTS- iiKm£ ST T&SSSniM of-mi. ~fS a-w — -« uw *

»“*“■ taS C fcSk* S53BS- 5SL Anuncto. ? ed.J i vid«.aofyiO : f»l|»-« l*L J|^ ta ^.S^ ta 7,. , SaW , S^S , £;

The largest, Custos, show's a Interest rose by KrlLlm. to : has been declared. I although no dividend was paid' rent low level of inventories in

‘ because of uncertain demand. Europe and the U S. after good

from Christmas sales. Island Dyeing is

15.7 per cent, drop in the value Kr.44.6m. The Board
of its stock exchange invest- to pay shareholders
ments to Kr.S23m. (£9i.5m.). share against KrJ}.25 in 1976.

! Shiseido makes more

Country and New Town
Properties Limited

j|j Interim results

IQ

IS

in The estimated unaudited result for the half year |E]
in ended 31st July 1977, with comparative figures forth© kji
js corresponding period of the previous half year and jjs
1=1 the final figures tor the year to 31st January 1977 are

IS

IS

IS

IS

IS

IS

IQ

IQ

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

IS

i£L

IS

IS

IS

IS

IS

IS

IS

IS

IS

as totlows:-

Group Result before Taxation

H*H Year KahVur
31 7.77 31.7.78

£000*1 £ 000"t

253 (70)

Provisional charge for Taxation

_195

.62

Group Result after Taxation

5a

(132)

Minority Interests

142

43

JUS

(175)

Preference Dividendtias r . J .
been paid

1.4

“ 1.4

13

i— IE1
ai.ijr h=
aw, ]u]

m is

79 IS

jslI

JllS

TT is

The hall yearly figures to 31.7,76 have been restated
give effect to the Board's decision to write off the expenses
beiore taxation relat ing to properties previously held tyr
development and which are included in the figures tqr the
year to 31st January 1977. ■*

Provision has boon been made for a revenueJoss for the
half year of £59,000 attributable to the Arnhem property in
Holland Is reflected intheligures shown above. This property
was sold on the 30th December 1977 at written down book
value.

The tax charge has arisen entirely overseas. The
disproportionate level of the figure to thepre rax profits
reflects the lad that no offset ot the charge may be made
agamst the provisional tax position existing iii other parts
oi tho group.

Notes:

1 . The improved trend shown in the above
statement has been maintained in the second half
ot the year, and it is hoped, alter taxation and
minority interests, to recover the loss sustained in
the first halt. Nevertheless, the Directors consider
that the financial position of the Company warrants
the payment ot an interim dividend oi 2% (0‘2p
per share) ort account of the full year.

2. Major improvements at the Strand Store are
progressing very satisfactorily and will in the
main be completed before the end of the year,
after which the Store should be capable ot
supporting a market rental.

3. With the objective of securing long term
expansion, the Board in conjunction with
representatives of the major shareholder.

The British & Commonwealth Shipping Company
Limited, which has minority interests in certain
of the overseas subsidiaries, have been
examining proposals to reorganize the Company's
overseas interests into a separate self-financed
group. Such reorganization would create a major
offshore property investment group with greater
flexibility In arranging the necessary finance.

333§Ei3Sll!i

L3LEHE3

Setback at Mutual Maritime

jA SIGNIFICANT fall in profits company expects to make a profit

con-

sub-

. Turnover was down - _ ,

! HKS73.94m. to HKS56.71m. and 40 per cent. owned by C. Itoh. of
SHISEIDO, the leading Japanese ; the company blamed the down- Japan,
manufacturer of cosmetics, baa
reported a rise of 9.7 per cent
in net profits for the year to
November 30 to Y9-S80bn., from j

YS.547bn. j.. .

YSKSMta fw fte 5 '“ r ,0 MlTCh 31 hM ."u£mii* w Hrn'J ship-

to Y250571bn. from Y22SS40bn. j bgen forecast by Mutual Mari- pmg concerns, most of its vessels

The dividend is unchanged at;., - __ are on charter to Japanese com-

Y10. ‘ ihae Holdings, a shipping eon- paulwr - and ^ ere ^neem in

For the current year, the com- < * ra combining local ; and the colony that the trouble-hit
pany forecasts net profits ofi Ja P aaese interests, which made Japanese shipping industry jna?

Y9.6bn., on sales oi Y26Sbn. ?a. net profit of HKS3 12m. in 1976. ask for a renegotiation of con- 1

’up from HKS5.49m. But the tr A t ^ a i 0r partner in the forma- 1 seen as rising to £11.6m..

tion of Mutual Maritime in 1973 ! which would constitute an in-

! was Japan Line, which is cur- 1 crease of 40 per cent, on 1977.
rently seeking a debt reschedul-1 The level of earnings and the
ing which could involve fleet j mobilisation of capital have
reduction. I resulted in substantial invest-

* * * Iraents in equipment and research

HONGKONG LAND’S wholly- ! (particularly in the fields of
owned subsidiary Hongkong ! electronics and solar energy). It

CLAL Inds.
growth seen

Agencies

By L Daniel

CLAL INDUSTRIES — a
glomerate of- 32 plants.

•si diaries of or owned by CLAL
Investment Company — expects
its sales this year to rise by
57 per cent, to the equivalent
of £116m., with most of the
expansion foreseen - in the fields
of metals and foodstuffs, while
output of its textile plants is
segn as unchanged.::
v £ttraings.‘- (be few. . . and
rights" of minority --^haneholders)

MEDIUM TERM FINANCE

Hydro Quebec loan

BY FRANCIS GHHJES

THE S1.25bn. eight and a half diminished appetite for Latin
years loan for Hydro Quebec. American credit Is clearly
carrying a spread of 5 per cent, shown by the increase in the
over the inter bank rate, was amount of the loan to Panama,
signed in London yesterday. The from Si 50m. to 5170m.. due to
seven leading Canadian bonks oversubscription of management
are joint lead managers with positions,. Lead manager is First
Bank of AkratreaL acting as agent Chicago - - . 4 ]■

and co-nrdmaUng bank. The pro- Meanwhile. Libra has airimg«d
ceeds will help finance the a $15m. private placement for the
James Bay hydro electric Argentine state oil company,
project. Yacimientos Petrnleos Fiscales.

Proof of the market's nn- Terras are undisclosed.

Land (Hawaii) is to purchase the
Davies Pacific Center, a 23-storey
office-commercial complex in
Honolulu, frera Theo. H. Davies
for an undisclosed cash. sura.

l will also enable CLAL Industries
to acquire new enterprises, in-
cluding Government-owned ones
which the Finance Ministry may
decide to offer for sale.

This advertisement issued in compliance with .the
requirements of the Council of The Stock Exchange,
tt does not constitute an inurtation to any person to
subscribe for- or purchase any Preference Shares.

George Whftehouse
ffiftaeore^ IMsd

{incorporated under the Companies Acts 1948 to 1967)

ISSUE OF 296,752 11 PER CENT. (NET)
CUMULATIVE PREFERENCE SHARES
OF £1 EACH

The Council of The Stock Exchange has granted a listing
for the above-mentioned. Preference Shares. Particulars
of the rights attaching to them are available in the
Extel Statistical Service and copies of the Statistical
Card may be obtained during usual business hours on
any weekday (Saturdays and Bank Holidays excepted)
up to and including 24th February, 1978 from:

Le Mare Martin & Co.

Regina House
5 Queen Street
London EC4N 1SU

27th January, 1978

The Bank of Tokyo, Ltd.

Negotiable Floating Rate U.S. Dollar
Certificates of Deposit
Series A Maturity date
30 July 1980

: : In- accordance: with the provisions of the Certificates
•- of- Deposit notice is hereby given that for the
at month interest period from 27 January 1978
to 27 July 1978 the Certificates will cany an
Interest Jute of 7 n lu% per annum.

Agent Bank

The Chase Manha ttan Bank, N.A.,
London

SELECTED EURODOLLAR BOND PRICES
MID-DAY INDICATIONS

STRAIGHTS

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This advertisement is issued in compliance with the. requirements of the
Council of The Stock Exchange. It does not constitute an invitation to any
person to subscribe for or purchase any Preference Shares.

BATLEYS OF YORKSHIRE
LIMITED

(Incorporated in England under the Companies Act 1948)

Issue of 514,285 10 per cent
Cumulative preference Shares of £1 each

The Council of- The Stock Exchange has granted a listing for the
above-mentioned Preference Shares. Particulars of the rights attaching
to them are available in the Extel Statistical Service and copies of the
statistical card may be obtained during usual business hours on any week-
day (Saturdays excepted) up to and including 10th February, 1978 from:

Flake & Co.,. .

Salisbury House.

London Wall.

London EC2M 5QS.

27th January. 1978

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FLOATING RATE NOTES

of Tfltatt TSaR 5^1

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79

i« .i: '. *— \

_ ^JsQlaM

Anglo American Gold
Investment Company Limited

(Incorporated in the Republic of South Africa)

FINAL DIVIDEND

Final dividend No. 60 'of 85 cents a share (1976:
90 cents; for the -year ended December -31 1977 has been
declared payable to shareholders registered in the books
of ihe company at the close of IRu£he64<6fi February .10
1973 and to persona presenting coupon No. - 60 marked
"South -Africa ’* detached from share warrants -to -bearer. *

The transfer registers and registers of members Bill
be closed from February 11 to February 24 1978, both da vs
inclusive, and warrants will be posted from the Johan-
nesburg and United Kingdom offices of the transfer
secretaries on or about March 16 1978. Registered share-
holders paid from the United Kingdom will receive ’he
United Kingdom currency equivalent on March 7 1978
of the rand value of their dividends (Jess appropriate
taxes j. Any such shareholders may, however, elect to i<e
paid in South African currency, provided that the request
is received at the offices of the company's transier secie-
taries on or before February 10 1978.

Holders of share warrants to bearer are notified that
the dividend is payable on or after March 17 1978 upon
presentation of coupon No. 60 (marked “ South Afriea ")
only at the offices of Barclays National Bank Limited,
Stock Exchange Branch, Corner Main and Sauer Streets.

Johannesburg 2001, South Africa — Union Bank of Switzer-
land, Bahnhofstrzsse 45, Zurich, Switzerland — Credit du
Kord. 6-8 Boulevard Haussmann, Paris 9e, France and
Banqne Bruxelles Lambert, 2. Rue de la Regence,
1000 Brussels, Belgium. Coupons must be left at least
four clear days far examination.

Note: Proceeds of dividends in respect of coupons
marked “ South Africa ” .may. at the request of the
depositors, be converted through an authorised dealer in
exchange in the Republic of South Africa, into any currency.
The effective rate of exchange for conversion into any such
currency will be that prevailing at the time the proceeds
of the dividend are deposited with the authorised dealer
in exchange.

The effective rate of non-resident shareholders’ tax
is 15 per cent.

.The dividend is payable subject to conditions which
can be inspected at the bead and London offices of the
company and at the offices of the company's transfer
secretaries. Consolidated Share Registrars Limited, 62
MarshalZ Street, Johannesburg 2001, and Charter Consoli-
dated Limited, P.O. Box 102, Charter House, Park Street,
Ashford, Kent TN24 SEQ.

Subject to final audit, the abridged consolidated Income statement of Anglo American Gold Investment Company
Limited and its subsidiary' companies for the year ended December 31 1977 and the abridged consolidated balance sheet
at that date, are as follows:

CONSOLIDATED INCOME STATEMENT

1977

CONSOLIDATED BALANCE SHEET

Investment income

Interest earned

Surplus on realisation of invest-
ments

Underwriting commission

Deduct:

Administration expenses

Interest paid

Prospecting and mineral rights

expenses

Provision against loans and
investments (see note)

Group profit before taxation ...
South African normal taxation ...

Profit after taxation

Appropriations;

Dividends

No. 59 — f interim! of SO cents

per share

:<u. 60 — i final i of $a cents
Per share

Transfer to general reserve

Unappropriated profit from pre-
vious year

Unappropriated profit, December
31, 1977

ROOO's
45 169
337

1790

347

47 663

1976
ROOO'S
46 930
1788

77
48 795

Issued share capital

Non -distributable reserves

Distributable reserves

1977

1976

ROOO’s

ROOO’s

21 952

21952

29 630

29 630

51 582

51582

1016

1256

1639

372

1625

1767

1725

—

6055

5355"

General reserve

113 000

108 000

Unappropriated profit

4 079

3 793

41 60S
101

41 507

45 366

17 562

19 757

18 659

19 757

36221

39 514

5 000

5 500

Represented by:

Listed 1 investments — market
value R760 81 1 000 ( 1976:

R612S39 000)

Unlisted investments— directors'
valuation R5 2S9 000 (1976:

R4 455 000)

Loans

Current assets

Debtors

Cash on fixed deposit and at

UTOtS

111793

168 661

163375

184 731

147 581

340

340

4 955

12 836

190 026

160 757

call

286

3793

4 079

352
3 441

3793

Current liabilities
Shareholders for dividend No.

60

Short-term loan

Creditors

Net current liabilities (1976:

14 586

11 798

58

16 270

14 644

2S068

18 659

17 015
335

19 757

5 431
262

36U09

&46o

Note:' Prevision has been made against loans to. and
investments in, the group's Interests in Australia.

Assets)

22 365

2618

168 661

163 375

Equity earnings per share— cents

189.1

~ 206.7

Dividends per share— cents

165

180

Net asset value— cents per share*

3145

2 882

Head Officer
44 Main street.
Johannesburg 2001

January V7 1978

' Includes listed investments at market value and unlisted
investments at directors’ valuation.

By Order of the Board.
ANGLO AMERICAN CORPORATION OF SOUTH AFRICA LIMITED

Secretaries'

per H. J. E. Stanley
Companies Secretary

f JOHN BRENNAN

Trafalgar’s ‘4 to 6%’ teaser

>'raFa!gar House's annual

■ meeting in London yes-
ids; provided property analysts
fh plenty of imaginative hints,
[ few solid facts. A positive
(hestra of sli denxles will be
tober crunching their way
tougb Nigel Broaches' com-

. -nt about having waited to sell

■ Jestment properties until the
, ,rket gave a buyer a yield of

"ween "4 and 6 per cent.”
'How can the analysts recon-
:• that yield range with con-
nation that the sale of two
1 jy of London properties, Bil-
i Buildings and LeadenbaU
1 use, will , bring Trafalgar
:und £40m.?

! i'he answer is that they can-
; \ yet.

1 .'rafalgar plans to publish
i tails of the sale of the two
:.ldings within the next few
■jks. Until then the market
U have to content itself by
iculating on all the possible
jld variations it can weave
of meagre facts.

;, .i Hirer Buildings will produce
.2.2m. rent this year. And at.

. £15 a square foot. Leaden-
il House (the kind of property
It would appeal to Norwich
:inn) would have a rent roll
.just under £1.7m. Trafalgar
jres Leadenhall with two,
-ighly equal partners — the
j»wn and Church Commis-
ners — and so it could be that.
■Trafalgar’s share of the two
jts is around £2.Sm., £40m.
•ceeds would represent an
jrall yield of around 7 per
it. But things are not that
iple.

There are too many missing
pieces in this financial jig-saw to
give a clear picture. Without
an accurate rent roll for Leaden-
hall: without an exact figure for
Trafalgar’s share in the block;
without knowing bow much, if
any, equity in either building
was bargained away when the
schemes were financed; and with-
out an accurate figure for the
group's net sales proceeds, any
attempt to use the sales as more
than a very broad guide to yields
would be misleading.

That said, confirmation of the
sales, and Mr. Broackes' forecast
of a further £40 m. to £50m. of
investment property sales this
year, do underline the current
strength of the investment
market.

The group has now identified
two of the three .buildings

making up the £61m. of proper-
ties that have been sold, or on
which terms have been agreed.
By a process of elimination the
third block looks certain to be
one of Trafalgar’s City develop-
ments. The Whitbread scheme
is less central, larger and so less
likely than -the 150,000 square
feet Wine Office Court develop-
ment Wine Office has been pre-
let, ahead of next year’s comple-
tion, to accountants’ Touche
Ross. A rental of around £lJ3m.
a year would imply, at £20m„ a
yield of just over 6.5 per cent
And for a block of this size,
uncompleted, if pre-let such a
yield would be very impressive.
But again there are no hard facts
to work with. Trafalgar will have
an avid audience within the
investment market when it
finally reveals alL

if -Isj. ; jj0

;.JJ- j. , iJ „|

. l a • - • • ••«••• . .. wufa a.

Haslemere Estates’ refurbishment project for
The Equitable life Assurance Society in
Theobald’s .Road, W.C.I, is now three-quarters
let. Walker Son & Packman and Savllls, joint
sole agents, had been asking around SI a sq.
foot for the 21,000 sq. foot Georgian row
facing Gray’s Inn. In the event, three of the
four office conversions have been now let for
just under £6.50 a sq. foot and discussions are
in progress over the remaining space, 8,095
sq. foot of offices In number 12-14 offered at
£50,000 a year.

Reddie and Grosse, the patent agents,

advised by Farebrother and Ellis, took up
their 6,675 sq. foot offices in 16-18 last year.
Now Chestertons have completed arrange-
ments for the underwriting agents Hinton,
HB1 and Coles (Agencies) to move into the
&254 sq. foot at No. 20. It is understood that
No. 22, the house where Benjamin Disraeli
was born In 1804, has been taken as the London
office of the U.S. group C.TX Dominion Title
Insurance Company. All the space has gone
close to the revised asking rents of £6^50 a
sq. foot on standard 25-year leases with five-
year reviews.

EPIC bails out of Brussels

Shareholders of Estates Property
Investment Company were able
to breath a sigh of relief on
Wednesday. After nearly IS
months delay the EEC finally
agreed to lease virtually all of
the conference hall centre
planned for EPIC’S Brussels site.
This fulfils the prime condition
of EPIC's 1976 agreement to sell
90 per cent, of the site to a
financial consortium led by
Belgium contractors Ed. Francois
et Cie., and Delens.

EPIC now has to hammer out
a price for the site and bring to

an end its one, embarrassingly
expensive venture on to the
Continent.

The site is just 300 metres from
the EEC headquarters at the
junction of Rue Proissant and
Chaussee d’Etterbeek, overlook-
ing the Parc Leopold and Place
Jourdan. It was bought at the
tail-end of the Brussels office
development boom late in 1973.
When the city's office market
crashed, and when sterling began
its nosedive, the office scheme
was shelved. The present plan
for a conference ball emerged in
1976.

Brussels cost EPIC two succes-
sive dividend cuts and added
£109,000 to its net Interest costs
in 1975, £260.000 in 1976 and
£303,000 Last year. The site is
not separately identified among
the group's £2.2m_ of develop-
ment properties, nor was a
separate Brussels element identi-
fied in a £lm. provision against
these properties in 1976. What-
ever the eventual sale price,
EPIC will be able to partially
offset book losses by drawing
back some of the £703,000 un-
realised exchange losses charged

since 1975. Finance for- the site
was in the form of Belgian franc
borrowings in Britain, and
although the exchange rate at
the lime of Ihe purchase was
around BFr&96 to the pound,
subsequent provisions take no
account of the recent revival of
sterling and the franc's decline.

Price negotiations have not
started, but EPIC hopes to
repay the £2.5m. or so bank
borrowings on the site without
having to make further balance-
sheet provisions. In anticipation
of a dividend boost once Belgian
interests costs are stemmed the
shares gained 9p on the news,
closing at 86p yesterday.

In Brief . . .

MALCOLM BRUCE, deputy
chairman of the Scottish Liberal
Party had some acid comments
to make about the Department
of the Environment's "scandal-
ously extravagant'* behaviour
this week. Having sniped at
“the massive and largely un re-
ported growth in slate bureau-
cracy in Scotland " Mr. Bruce
saved his big guns for a broad-
side at the Property Services
Agency’s “ developers' friend ”

Financial Times Friday January 27 1978 .

image. “ In Jnd atv’mSiiood 5 lime got

it sri pS® ss. to 08S.OOO, - _

addresses in the ^centees, #

ing as the property speculators

friend and, being such a MR abbOTSTONTD • Agricuttral
buyer, helping "to Increase rents- p^p^ty tjnit Trust totalhe

JSiSSSSSSJR HiSSM

letter from ThS sbo« ttat "“n™ tmwM In

SfSSS

tops the £1^15 Jy the «-a«nd. a IU
list with 592.000 square feet of per cent, rise

new Government lettings In the j,j one 0 f the Sb [. pr ^JJjS

past four years. Some 204.000 funds covered in in* report
square feet was taken in Glas- ma{C hed the SI-S per cent, rise
bow, 64.000 square feet m Dundee in t ho FT property •-hare «.iiu*
and 129,000 square feet m index over the year f u! .

dcW a Il'-OflO stake to »

some relieved developers, and Welfare Life Property earn*
some very cheery portfolio mana- third, with 3 5 er ff;

gers in Scotland looking fonvard increase to ® Jj 1 '

to hefty Government reversions provident Mutual Property
£ the 1980's. Trust at 3fi.l per wnt j»pd

Pension Fund . Property Unit
0 Trust with an increase or

per cent.

BtBA is alive and well and Bottom markers were Bnrrlay-
movixtg to Conduit Street, Wl. trust International Property
The fashion and cosmetics Fund, rising just 4.fl per cent,
business that grew to fill British | n 1977 to give a £1,000 invrttnr
Land’s Derry and Toms store in £1,049 and Confederation Life
Kensington High Street, and with an S.7 per cent, increase to
which subsequently toppled into £l.0S7. The average for nil funds
the arms of the receiver, has was a 22.6 per cent rise to £1 .—■*».
been picked up; dusted off and gj ^ clear i- no qnide to per-
given a new home. forma nee. The tables show that

A Liechtenstein registered Legal and General's Propmy
nominee company, believed to pension fund <5th

provide a publicity shield for an « the. year-end, yet it came 20th

Iranian controlled cosmetics out of , ^ -T^TsSrrr ia to
group, bought Biba’s inter- mance terms PFPUT is shown to

nationa 1 trade name and good- be worth “^n^hu-SSS

will last July. The resurrected

s&rajs FI’SHST

Moxey. has now acquired a head- funds at £3»m. apiece,
quarters building. Levers, act- 0

ing Tor unnamed clients, have

. sold Biba a 2.000 year lease on pmnnrtv Denis appears on
the 7,000 square foot showroom Property weais appv

and offices of 22 Conduit Street.. ra S e

INDUSTRIAL AND BUSINESS PROPERTY

for Industry

BRISHT0N (Hove)

New Warehouse Units
from 9,000 sq. ft.

TO LET— Available late !978

CAMBERLEY, Surrey

Warehouses
from 5.200 sq. ft,

TO LET

ENFIELD, Middlesex

Single Storey Warehouse and Offices

50.750 sq. ft. TO LET

Rene £1.20 per sq. ft pa. exd.

H0DDESD0N, Herts

40.500 sq. ft.

Prestige New Warehouse/Factory and Offices
TO LET

PERRY BARR, Birmingham

9.!20 sq. ft.

Modem Factory, Office & Storage
LONG LEASE FOR SALE

STOKE NEWINGTON, N.16

Multi-Storey Factory Premises

75.000 sq. ft

FREEHOLD — Under £5.00 per sq. ft,-

TAUNTON

Factory/Warehouse
4.350 sq. ft

TO LET— IMMEDIATE OCCUPATION

WOKINGHAM, Berks

Proposed Ware house /Factory

61.000 sq. ft.— May divide
TO LET

King&Co

Ch arte re d S urveyors
1 Snow Hill, London, EC1
01-236 3000 Telex 885485
Manchester, Leeds and Brussels

eVuEWF-i: • <-• v •— -v-

— il

: . VVfestEnd

-^Euston Street, NWl |
Headquarters biiiidlng.
33,000 sqft.

Tottenham Court Road, WCl
Air-conditioned office suites.
4,500 - 30,000 sq.ft

Maltravers Street, Strand, WC2
Modem air-conditioned offices.
7,000 -14,000 sq.ft.

Grosvenor Gardens, SWl -
"Air-conditioned offices close to
Victoria Station. 10,000. sq.fL

Buckingham Gate, SWl
Refurbished office building.

11,000 sq.ft

Hollarid Park, Wll
Refurbished air-conditioned office
building. 10,000 sqit

Two of the
JIWCOMPUTON
services

at the touch of a button.

Suburban

Richmond-upon-Thames

: ’ :‘ V j v A\A!ai^Atinn^<^ebutiding.Cen^

position. 1 6,200 sq.ft Immediate occupation- ' .

^ V

Tol worth, Nr. Surbiton /

/ 23,100 sq.ftin multi storey building, opposite /

»WCl ■■ B.R. station & adjoining Kingston by pass,

uites. Immediate occirpation.

Windsor, High Street

ad, WC2 Self contained office building features ancient

[ offices. internal well 7645 sqit Immediate occupation.

Twickenham, King Street

Vl - • Newoffice bitilding. Prominent central position .

-lose to 26 50/813 0 sq.ft Immediate occupation.. ■

? r ’ Sf Albans, Herts.

[ First phase of a new development 11,2 50/

ing. 23,000 sq.ft approximately central position.

Occupation mid 19 78.

Lambeth, SW9

med office New air conditioned office building 54,700 sqit

Central position. Immediate occupation-

SOUTH

LONDON

^ \7 Chartered Surveyors

103 Mount Street, Lori£kxiW1Y6AS
Teh 01-493 6040 Telex: 23858

Magnificent
new single storey
Factory

sq. 125,000 ft.

Including

Prestige office block

FOR SALE or TO LET

_ Apply Box T. 4813, Financial Times, - -

10, Cannon Street, EC4P 4BY.

P. f-: *

is I s

; i

! ? - » r

1 ; '■

Jy

rv. -- V\ •

>:v*> ?•

Lt T fy'Ai."

; j o ;

b' • - *

jS—tr.-'v -.-r, ' •'

mm

W-l*,-'.:

%

TOTTENHAM
LONDON N.17

Freehold

PREMISES

193,000 sq. ft. FOR SALE

ir Close to North Circular Road & City
■* Modern Offices - ★ Fully heated ★ Good access
★ Ample loading bay facilities ★Car Parking

for details apply Sole Agents: —

EDWARDS

BIGWOOD

&BEWLAY

PARKS fDE HOUSE,
51/53 BRICK STREET.
LONDON W1Y 7DU.
TEL: 01-499 9452

CITY OF LONDON

Clients require

40 - 50,000 sq. ft.

OFFICE BUILDING

Vacant Possession
by late 1978/79

YORKSHIRE - WHARFEDALE

LEEDS 8 MILES — HARROGATE 8 M/LES

THE DUNKESWICK ESTATE
HAREWOOD

A FIRST CLASS AGRICULTURAL INVESTMENT

Comprising: Four Farms: A Smallholding: A Cotraoe and Land

ABOUT 1,073 ACRES "

LET AND PRODUCING £19,373 per ANNUM
Together with 55 Acres of Woodland
WITH VACANT POSSESSION
FOR SALE BY AUCTION
(unless previously sold)
at the

PROSPECT HOTEL, PROSPECT PLACE, HARROGATE
ON FRIDAY 5th MAY, 1978 at 3.00 pjn.

For Illustrated Brochure apply to the Auctioneers:

Holbornwci

Station Road. Otley, West Yorkshire LS21 3DR
, , Te, «Phonc: Otley 332T (6 lines)

also at Ilkley, Keighley, Skipton. Knaresborough. Leeds.
Ripon and Harrogate
Solicitors s Messrs. Hepworth & Chadwick
... „ Gui lrfford Chambers.

* n - The Headrow, LEEDS LSI 5JP. Tel: 30391

^Parking ^Central heating :r-Lift

16,467 sq.ft,

Weatherall
Green & Smith

^oncory Lane London WClv\ in

01-405 6944

. >*.NQ LEEDS FARtS NICE ft FRANKFDFtT

uO"

Chartered Surveyors Property Consultants

WATFORD

Small Office
Suites to Let
6 or 12 months +

LUTON

Prestige Office
Building

7850 sq.ft. To Let

SOUTHAMPTON

Small.

Shop-Showroom
To Let

D 0 NMIS 8 NS

70 Jcrinyn Street
London SWl Y6PE
• : 01-9301090-

TUNBRIDGE

WELLS

Prestige Office
Suites To Let

WANTED

ROMFORD & ILFORD

Shops in
prime position

t S- e : Ftiuaic!al Times Friday January 27 1978

48 — So QknwnQSbtreet

7 - - Approximately 28,000 sq. ft.

Cousort House contains every modem amenity and has been
finished to the highest specification.

One of the last remaining new self-contained hanking and office
buildings of its size now available in the very heart of the
financial district of the City of London, and situated within
. . 500 yards of the Bantcf England.

Further particulars are available from :

the joint sole lettingagenla.

ttHltr! ,

mi a ■ i i ■ b ■■ i mi b'i «x i bo

i;T| ! ! 1 i I \ Si

HIUMtl 1*

" Richard Main & Co.

Chartered Surw i or*

OL-623 (Hi a 5

Cannon Stiver London ECiK j.l\

Hampton & Sons

SUiuht* HalL
'thnDtrHH,
London. ET-4R JTD.
■I.ZXTMl.

A Dev ri o pm ent by Cprnpm StarJet

Maybrook

House

Deansgate

Manchester

49,000 sq.ft.

Hill* ,,

Fullyair’

conditioned

office

accommodation

i b . , .■

J , jj j, . ' 4

JV, , •

. ?, --J-j J J J l “ £ vi , i : "" " - •—hiSlL.j-j .

J* I* t • j ■ : •'

,. , i, ■ ' n ; ;-{■ ; v,

4- ■— A—J V— T— y — J • -w'.-JLl ^ ^

. . —■ 4 ■„ -V ""

•••*■•**** ■■**%** ^

t: •» . |

For iull particulars of space available

Bp”*°P Anrr, □□Grimley&Son

Heywood&Co.

Dunlop
Hey wood

: .V-> »i M ) >nri t ,- -g-jxiTSSX

021-23(^^236 u «» is - **’ i*

061-834 8384 Teles 667262

Cromwell Road,SW7.

TWo Freehold Office Buildings For Sale

104-106 Cromwell Road I 114 Cromwell Road
9,460 SqFt. j 6^100 Sq.Ft.

Suitable for refurbishment jOfficesand Residential

_ SoleAgents

. UKStertOOS Ck*tte&Bmt$on

H;:;-

‘75 Orosvenor Street, London, ^VlXOJBQl-4990404
'and in the City of London ■ Kensinpton Hyde Park ■ Little Venice - Chelsea

PRIME OFFICES

TO LET

Approx. 2,500 sq. ft.

RECENTLY MODERNISED
REASONABLE RENTAL

Hampton & Sons

*01-236 tt3l
9, Dowgate Hill
London E.C.4

PROVINCIAL
OFFICES
TO LET

Birmingham
In suites of 387-660-
2068-2298 SQ ft.
Leicester
In suites of 1450-
1682-2046-2500 ^ <•-
Cheltenham
10,000 sq ft.

iPEPPER ANGLISSj
!& YARWOOD S^’

I Pul* lot-a— w’r c;.

Tel 01-499 6066

HOUNSLOW

Close to Heathrow Airport

SUPERB

AIR-CONDITIONED

OFFICES

1 0 /4O 9 0OOsq.ft.

Ample Car Parking
Fully Carpeted

DDBEDIATELY AVAILABLE

Sole Letting Agents

Hillier Parker

May A- Rowilen

77 Grosrenor Street, London WlA 2BT
Telephone: 01-629 7666 >

and City at Landau, Edinburgh farts, Amxta rd am. AostraHa

Major single storey
Warehouse &. Head
Office Complex

24Q000 sq.ft. TO LET

including 60,000 sq.ft, of Offices.
Good Height -AH Amenities

Edward Erdman

B GROSVENOR STREET LONDON W1X DAD 01-629 8W1
26 WEST NILE STREET GLASGOW Cl 2PF 6*1-221 8345
LONDON - PARIS - GLASGOW - AMSTERDAM

For the Company
that prefers to be

But not look it.

ALMA HOUSE.LUTON

Owr 20.000 sq. ft. of air-conditioned and carpeted
offices on 9 floors. TO LET

34 Bedford Row. London WC1 01*404 5791

CARDIFF

OLIVER HOUSE, HIGH ST.

EXCELLENT

NEW OFFICES

TWO REMANING FLOORS

OF 2,100 SQ.FT. PER FLOOR

TO LET

Apply Joint Agents

Hillier Parker

May K Kowdana

Grasvenor St. London TWA 2BT 01-629 7666

City of London , EC4 |

New air-conditioned
office building occupying
a prime location with
commanding river views

70,000 sq.ft.

with superb amenities

TO BE LET

Joint SoleAgents

32 St James’s Street SW1A IHT 01-930 9385

*g£S

May & Rowden

39 King Street, London EC2V 8BA 01-606 3851

and Lcrdan'.vt . Edinburgh Pan’s Amstprda'n S.dn-y Melbourne Brisbane

BRITISH BAIT.
INTER-rm &
FREIGHT LINER
SEtnTl.ES

2 INTERNATIONAL
AIRPORTS

3 MA»K>R
SEAPORTS

mL'SINR FOR KEY WORKERS
GOVERNMENT FINANCIAL ASSISTANCE.
ATTRACTIVE COUNTRYSIDE

fiinl' te' ? national

l Mt , > ™ • MOTORWAY'S

APPROX 400,000 SQ FT.
(40 000 m 1 )

ON 30 ACRES (l2ha.)

. HIGH CLASS. SINGL E STOR F.Y
,\ AIR- CON DTI IONED FACTORY

g; ^ ! / k

1 /

/ mm \ \

FOR SALE '

OR TO LET ON LONG LEASE

Full particulars from the Sole Agents

May & Rowden

77 Grosverror Street, London W1A 2BT 01-629 7666

•nd City of Londsn ■ Edinburgh Paii»-Anateidan>.- Sydney- Melbourne -Brisbane

Leeds

Join a top International Company in one of the best buildings in the
city when they move into -

Eleven Albion Street

IBM will have surplus space of 29,400 sq.ft, to let on the 4th and
5th floors

* Full air conditioning throughout <c Five high speed lifts

❖ Self contained units from 5,000 sq.ft. * Immediate occupation

Weatherall

HoIlis&Gafe

cd Kina Sl’fiS? L 05(55 IS! 2^P

0532-442066

fj

Rcrfphs&Jancs

; Cc*Tc»cCtaJB 3*rrifigriaT'.5^

021*233 iOOl

28

Financial Times Friday January 27 107S

PROPERTY DEALS

! Fetter Lane

overspill

_S, tbe U-S- combustion

Engineering group that recently
took the whole 95,000 square foot
office block at 100. Fetter Lane,
EC4. Is already spilling over the
foad. Underlining tbe shortage
of big office units now available
jn the City of London, the group
cas now signed to take a sub-
lease from Navcot Shipping on
fin additional 28,500 square foot
ctf air-conditioned space across
from its new headquarters.

: Debenham Tewson and Chin-
' nocks, acting for Lummus on the
: loo. Fetter Lane deal, negotiated
i i concessionary rent starting at
: ground £6.25 a square foot and
rising to £8 before the first full
, rent review in 1983. Richard
, launders and Partners and
Anthony Lipton acted for the
; 3ank of England, which had
‘■:aken over the former Slater
ijValker development.

: F The new letting, at 43. Fetter
\ Oane, helps to confirm rents in
1 ;he area between Fleet Street
jnd Holborn. Lummus. still ad-
vised by Debenbams, has taken
•he extra office space for rather
■ess than the £7.50 a square foot
Asking rent. That matches the
■‘just under" £7.50 a square
j'oot agreed by the Post Office
vhen it recently took a 37,250
quare foot sub-lease in Uni-
■ever's neighbouring Lin las
^fouse, Chestertoos advised
■'Javcot on its sub-letting.

But the near £500,000 sale by
Jones Lang Wootton of the Insti-
tute of Directors’ 55-year lease-
hold in the 10,000 square foot
building helps to pay for the
Directors’ new HQ in the former
United Services Club

RICHARD SAUNDERS' and
Partners become one of their
own City Floorspace statistics
this week-end when they .move
offices and postal districts, from
4845. Eastcbeap. E.CL3. to 27-32,
Old Jewry. E.C.2. Saunders are
taking a 1.650 square foot sub-
lease in the Commercial Bank-
ing Company of Sydney's build-
ing for around £10 a square foot.
St. Quinton Son and Stanley
acted for the bank.

The agents can well afford
their new space having sold the
freehold of their old 3.100 square
foot offices to New Court
Property Fund, an arm of the
Rothschild Property Unit Trust
for Pension Funds and Charities,
for around £700,000. An as yet
unnamed overseas bank, repre-
sented by Vigers. is to move into
the old offices. Rothschild 'was
represented by de Morgan

toWN AND CITY Properties
;Qd its funding partner Legal and
.leneral Assurance, were for-
mally reinstated as developers of
he £24 m. Eastbourne town
ientre development this week.

• T and C had been working for
tears on a two-stage development
»lan of a 10-acre site in the town
before Eastbourne Council
Jropped the idea in favour of a
lingle stage project. Last autumn
die council called in John Laing,
!nd the contractor, hacked by the
rhell pension fund, considered
lie Council's idea. Earlier this
nonth Laing announced that* it
yas impractical to do the work
it one go. Eastbourne, faced
j.’ith a March 14 deadline on its
’ompulsory purchase powers for
be site, turned back to T and C.
, T and C’s initial plans Involved
325.000 square feet shopping
fe ntre in the first stage, followed
r.v another 140,000 square feet
covered area once the initial
wilding is operating successfully,
fey to the success of the scheme
f the continued support of the
raditional “anchor" stores. The
trie up planned before East-
journe's temporary brainstorm
hakes a strong team: Little-
j-nods, Marks and Spencer. Wonl-
Jv-fis. British Home Stores,
loots and Ibe Co-op.

. SLIP of the typewriter in
Monday's paper transported the
Allure home of the Syrian
Embassy from 8. Belgrare
jquarc. to Berkeley Square. The
yrians lose their nightingales.

THEATREGOERS in London will
soon be used to scrambling over
builders’ skips. First the
Criterion — where Trust Houses
Forte's 175.000 square foot addi-
tion to the Piccadilly Circus
theatre is due to start shortly.
Then the National Theatre —
where John D. Wood and Gerald
Eve are looking for a replace-
ment for Reuters as a prospec-
tive tenant for Associated News-
papers' 200.000 square foot specu-
lative office scheme. Now the
Old Vic — where Lambetb Council
gained a two acre housebuilding
site in return for a 150,000
square foot speculative office pro-
ject on the former David Grelg
headquarters building, opposite
Waterloo Station.

Both Associated and Alan
Pulver. whose 5nowhall Securi-
ties is developing the Grieg site,
expect Waterloo rents to top £10
a sq. foot by 19S1-82 when both
•schemes should he completed.
And both Associated's agents, and
Churston Heard and Edwin Hill
and Partners — Snowball's joint
agents — are trawling the market
for prelettings. ■

Associated plans a straight-
forward four storey office that
won't either embarass the
National Theatre's architect nor
entirely disgrace the designers of
the London Weekend Television
building, its other near neigh-
bour.

Snowball on the other hand is
risking the wrath of the
modernists by sticking to the
pseudo-classical facade of the
existing building renamed Water-
loo House, and. for £5.5m., slip-
ping a net 105,000 sq. foot of air
conditioned space behind.

The site for the new building
was acquired in 1973. and a delve
through the records suggests that
Snowhall may have paid up to
£3m. for the land. It is not sur-
prising. therefore, that the group
is seriously considering selling
the scheme to an institution.

JB

Superb
BANKING

OFFICE Building

10,000 sq.ft, approx

a self-contained and air conditioned
building in Austin Friars
London EC2

• 1 minute from Stock Exchange

Air conditioned
Vaults and strongrooms
Panelled Board Room
Dining Room and kitchen
Executive Offices
Automatic Lift

CHARTERED SURVEYORS

01-6269681

15 ARTHUR STREET
LONDON EC4R 9BS

Staples Corner NW2

72,000 sq.ft.

To Let

Modern Single Storey
Factory/Warehouse
with offices and large yard

WEMBLEY

Modernised
Headquarter Complex

Join: Sole Agents

DE&JLEVY

01-930 1070

Estate House
1 30 Jermyn Street
London SW1 4UL

SO High Street, Dudley
W. Midlands DY1 IDE
Tel. Dudley 59541

Office Factory & Warehouse
140,500 sq. ft,
on 3.7 acres

EDWARDSYMMONS

Tel.01-534 8454

HENDON

LONDON NW9

There is still room to grow in

SOUTH EAST ENGLAND

We have approximately 300 acres of land available
for industrial development

We are prepared to lease in blocks of .four acres
or more.

The land is well located and serviced by road, rail
and sea, with adjacent port facilities and ideal for
industries not suited for town or industrial estate
location.

The. local authority is sympathetic.

INTERESTED ?

Write BoxT.4812, Financial Times, 10, Cannon
Street, EC4P 4BY.

26 ACRES PRIME INDUSTRIAL/WAREHOUSE
• PROPERTY
FOUR-YEAR PHASED RENEWAL
COMMENCING EARLY 1978

Units from 6,000 sq. ft. to 180.000 sq. ft.

Tenants’ special requirements can be incorporated
at this stage

Joint Sole Agents for General Motors Limited:

FOL.KARD

HAYWARD

JOHN I). WOOD

23. Bertel*? Square,
London WlX SAL.

01 -STS 9030 (Ref.' ELS)

115. Belter 5»tn-ri.
London W1M SAY,
ui-835 roe.

RETAIL UNITS TO LET
LONDON, W.l.

BAKER STREET - isso sq. ft.

500 sq. ft basement storage

CRAWFORD STREET - sso sq . ft

47 Great Russell Screet, London WC1B 3PA 01-637 4577

Self Contained

MODERN OFFICE BUILDING

TO LET EDGWARE

Total floor area: 20,000 sq. ft. approx.
Amenities: Ample car parking, full central
heating, fully partitioned, automatic
passenger lift, superb natural light
Lease: 20 years, rent review every 5th year.
Further details apply Sole Agents.
CHARTERED SURVEYORS

56/62 Wilton Road. London SWTV 1 DH

CLASSIfiED

vvauerciai/:

PI?CI>I=1?TY

FACTORIES AND
WAREHOUSES

FOR INVESTMENT

MERTON

INDUSTRIAL

PARK

LONDON SW19

New Factory/
Warehouse Units

5,000 to 100, OOOsq.tt.

TO LET

Richard Ellis

01-4997151

MICHAEL LAURIE & BMTTNERS i
01-4934371 I

Chartered Surveyors

FART OF BOVIN GOON AIRFIELD. 105 ACRES lor llterei boots) of
•Agrttolrui-M U"?; nclueing *npraK.nut«v I'S ACRES of 'valuable concrete

: i

. .1

A FINANCIALTIMES SURVEY

runways, 4 ou*dmys and moaorn Brain Mors, mm aa. It. -x 60 Mi

at present for agriculture! piirmH and onrare aircraft us*. AIM
occos.onaily Isr po-korane. driving tuition, otc.

Tbe onuoertir has in tbe mst been rbe sue of hinting location*,
recreational activities. temporary storage, etc. This boldine wouhf be ol
Interest to so imoghsative Entrepreneur who could exploit rt to its full
potential, sublect ta planning oermjssion.

m Presold with owes* on are invMed on ; tbe basis

oi £i&a.ODO lor the whole

The Financial Times is planning to publish a Survey on Industrial Property. Tbe provisional
editorial synopsis and date are set out below.

1 I

i

' i

• I

DATE: Wednesday, 15th February, 1978

INDUSTRIAL

Formerly
Humbert, Flint
Hawfence A Squarey

HERTFORDSHIRE
Hemet Hempstead 2. miles: London 25 m l/eu access 4 jprir.

UGHT INDUSTRIAL
PREMISES

8 LAY DON UPON TYNE

TYNE & WEAR

Production 79.000 iq. ft. - Offices
3.900 iq. ft with ancillary areas
of 1 .000 sq. ft. Sat in 1-eehoJd site
of 5.9 Antes pv £19.500.
FOR SALE

Contaci i »» •. ..cuts:—

Storey Sons & Parker
HI g ham House. Nvw fir.age Street,
Newcastle upon Tyne.
Telephone: 0612 26291.

G. F. Singleton & Co.

Uoyds fc» nv E . 15 ...**. 51. Ring Street,
Manchester,

Telephone: 061-832 8271.

FOR INVESTMENT
COVENTRY. Detached block of
four modern Freehold Retail
Shops with residential flati above
each and lock-up £areE«. near
Walcravc Hospital. Each let on
F R. & I. seven year Lea sn
expinng March 1973 Present
total net income £3.^S0 ' per
annum T.P.R. Notices served
under Landlord and Tenant Act
1954.

FREEHOLD PRICE £65.000.
COVENTRY. Detach ad block of
four Freehold U. F Flatten, near
Wholesale Marker. Rc-icgistra-
tiora due July 1973. Preserve total
net income £1.152 per annum.
T P R and 12 lock-up garages.
FREEHOLD PRICE £15.K0.

Full particular* from :

EDWARD H. MAR5TCH ft CO..
125-131 Nrw Un : "*i 8'w* Cnvmlry.

Teh (02031 21577

King & Chasemore

An Important Portion** of

INVESTMENT PROPERTIES

Comprising nviMlr

BETTING OI-FlCES

Some W ts> Acstlrnoa. ■ uodari'jn

L<- to leHW„. lO,

For Safe by Public Auctum «n 17 Lon

i i i ii ■ ‘i»’ J i

an Thumday, t6th February. 1978.

Cuft sitting w-t P-r.w.iivs/n
LONDON. Eai'jHTC.::. bOURNE-
MOUTH. LEWIS. CHEITSSvJAM ST.
LEONARDS-ON.SEA. TEDdNCFON.

Fc<r ilfuitrar— 5 rnrt'culan Sfn'v
13 Carfax. Hon ham. West Suncx.

Tell (0481) 6444-1.

2/3 Churchill Court. 112 The Street.
Ruslmgton. We«f 5u«te«.

Teh (0*062) 71971.

Detdiii: HUMBERTS. 6 RoaieUnd. St. Albaiu. (07171 61226.

1 INTRODUCTION

Industrial property has outpaced offices and matched
prime shops as the most fashionable sector of the
property investment market over the past year. Invest-
ment demand has spilled over intn development activity,
and new building of faclnries and warehouses has pro-
vided a badly needed lifeline Tor the contracting
industry. But the sluggish pace of industrial recovery
in the economy as a whole casts a shadow over the
industrial developers. Could the enthusiasm for indus-
trial property survive any further delay In the Jong-
awaited revival oF industrial activity?

of the relatively stronger demand for modern motorways
linked storage space. While consumer demand remains
buoyant, and industrial activity slack, warehouse
properties will continue to edge ahead of factories in
rental, development and investment temus.

i ,

2. INDUSTRIAL DEVELOPMENT
a. The Land Crisis

Property legislation has severely reduced the supply
of suitable industrial property development sites The
price of freely developable land is rocketing, and the
rising spiral of land cost s threatens to halt tbe indiKtrial
building boom.

3. THE REGIONS
a. " London

Industrial development sites in the capital are com-
manding premium prices. Proposals for revitalisation
of inner. cil.v areas may eventually help to ease ihe
scarcity problem*. Bn! in the meantime local planning
delays endanger efforts to bring blue-collar jobs hack
to London. . .

h.

Docklands

London's docklands are the largest inner city wasteland
in Europe. After twenty years of delays there are at
last signs that the immense potential of tbe area will
he realised.

h. Building Costs

Contractors, anxious to keep their work forces together,
have been paring profit margins to the bone in their
efforts to win building contracts. The builders' subsidy
has artificially reduced development costs and kept
asking rents for new space unrealistically low. 1R~S
could see true costs flowing through to rents.

c. The Contractor Developers

c. Manchester and the North West
Despite local and national efforts to revive the region
industrially, only Greater Manchester retains the spread
of business to ride out the recession.

Offices
Office sites
Factories
Warehouses

letephone:

0733-68931

Ext 328

Cm«f Estitn Surveyor
Peterborough
Development
Corporation

PO Bo* 3 Penrborough PEI 1UJ

Civil engineering and contracting companies are increas-

)f f

ihgly willing to lake on the role of developer. Inter-
national contractors’ strong cash flow enables them to
act as both development and investment holding groups,
and property investment is becoming an increasingly
important revenue source for leading companies in the
building sector. But not all builders’ property operations
have been a success.

d. t The North East

Advanced factory building by the British Estates
Corporation heavily subsidises industrial users and
threatens to squeeze the private developer from the
market.

OFFICE PARTITIONING
AND CEILINGS

PARTITIONS PERMANENT DEMOUNT.
ABLE. O. Pater*'*! Ltd- SboDflttcrs.
Si. Stam'ard Hill London. N.1G.
01-807 5252.

CITY QFFEOES

5,200 Sq. Ft.

Gracechurch St. E.CJ.

' Lift. Heating. Exc. Cond.

CHE5SHIRE GIBSON & CO.
01-492 0954

16 Berkeley St.. London WlX 5AE.

BROOK STREET. W.l. aptmlCe Cl4rln3e-»
tvl'-conlained o’lite Mlkiine to let.
Reasonable rental. Ref DGG. 01-734

1 304.

Recent st.. j».i until nnucm oftne
Suita 2.000 m. H. Prestige enrranr c
hall. lur. cji_ MTlerag*. Oasis A Co
637 1061.

WORLD TRADE CENTRE LONDON.
Three self-conta nM suites 607. 5.500.
5.JOO <a ft.. Immediate (Kruoatioi.
Full range ol facilities available includ-
es 24. hour hNeohcnc tele*

secretarial smriret For further detail*
contact Marketing Department Ol -«eB
2400.

GOOD OFFICES TO LET. Refurbished
common areas. Souttiamoton Row. Phone
01-600 1797 Rat JBH.

SECURITIES DEAL ER5 To let suoerb small
cite oTHe fully eguloiMKl. complete w th
Sloct Excliange T V. Ker Bhon* rtc.
Term by arrtnpnnoat. Phan* Ol -628
5329 or 628 9279.

EU5TON. N.W.1— ModcrnbM Oeadanarters
building 17.500 so. t. aporoV. Oflices.
Want Industrial, warehouse. Fitted ear.
pets, right 4 Rings, lift, central healing,
car parking available- Rem £55 000
o*: earl, or lor sale freehold Sa'e
Agents D. E. A j. Lew 01-910 1070.

LOWMOOR ROAD.
KiRKBY-iN-ASHFlELD, NOTTS.
Thr®«-Year Old Factory
■ 14,000 SQ.FT.

muiulactairms space and I.7S0 u|. ft.
oflkei.- Centrally heated. Occupying 3.6
acre me with paved ear-parking and
enclosed yard areas.; Room lor expin,
sion. Ready earl/ occupation. For
Sa>« Freepuid on the' instructions of
th* Liquidator.

Frier on inppticottofl

Neales of Nottingham Tdb 53511

LONS LEASEHOLD

INVESTMENT

Station Rd.. Edgware. lock-ap shop

.... Si.*

plin two s/C flais. shop let on 21-yesr

Irate at C 3.800 p a.a. I Review
1984.) Flan each let at fJSO p.a *.
Would suit small pension fund or
charity organisation. Prit* £4/. SCO.
LESLIE RAYMOND & ROBINSON, .
119 Station Road, Edgware.

Tel.s BI-952 01 IS.

HI6HAM5 PARK.- E.4. 11.580 «a. rt.
aingle storey factory to let. modernised,
hcatingriighiino- Immrdiaie possession.
Junes Lang Wootton. Ol-biHj 4060 cat.
771.

SHOP INVESTMENTS. We SPCtUllVO in
these and tiavu a wide mint non in rna
pritC tango £5 o:u re £J5 On * Uetsi.-i

trom Pcppl.ill CO.. *i_Cli' Kn'Q

l 7 .SI 77,

PART GROUND FLOOR WCWry available
aopeoe. 2 000 sq. It. Nth London. Re-
mcinoer used lor cngmeerir.g. Already
powoed. in a I>0 htalto. VjiMB sHn«.
joint temure preferred bur straight id
considered. Suggestions mease to Box
j.aaiA Financial Times. >0. Cannon |
Street EC4P 4BY ..

27. SCO SO. FT. 5 fORAGE, WAREHOUSING
TO LEI — 8 mile* FolLestonc. Clear usace
and substantial head room. Ashfora
10233-24561 >.

GREENWICH, S.E.10 — New single store-
yiarelML-sii'lactorv with oh«cs. 15.000
*4. K. aonrox. lo let. Immeaiare posses-
sion. Apply; D. E. & J- law. Eataic
House. 1 30 Jermyn Sir, -el Lonaon
SW1Y 4UL. Phone 01-930 1070.

HOODE5D9N 14 000 W l» laf.ory
23 OOO sa It. warehouse. 30.000 sa It
warehouse 40 SOJ so H. w^rohau^e.
BiShOPS Stortlorl 5.600 JO 000 lr It.
lortono'ivarefroiites Harlow 50 OOO
in M. warehouse Derr.ch Wane e.
Waters. Tel. Harlow 39191.

Street. Bath. 022 S .'bha?

Idle* JJ972B.

FREEHOLD SHOP Inresimon:. N.» H amnion
n—iet oi! loip lease (25 wa-*..- rack
rented al £4 C-00 t- .1 «i,l on > 1 a 1,
rent Imlc* S years Pu'» LSI 100
S.T.C. Atniv P»nH-w 01-1.23

IS5' ref. JMM or PS

WEALDSTDNE HARROW. well sw.uied
shop investment in prime PO* Iron on
F.R. 4 » lea-o, nro.-a-ihn L- OOa »'-\R
with 5-r.?ir mvi.ioos friH-r.ji.' t5 2 Si'O,
11 Green Wjlk. wwc pi 2?J MSI.

RUGBY- Crni'.ii rh.-.p mennw P*mt
£4 025 f r.,p- OIS y; OCP -- non W TUT
& Assoei.i'ei 29 Recent sneer. Pu-jpf..
lei 7JII7

FREEHOLD — tl 200. i:snf Hals pmuec-.
Ihn qro-jnH rents ol El 20 nnr anitiiM.
Kew rnd»nrn Full parti'nlars Irum
Aecnuntabili*., ia Mn> *a. Harrow.
Bedford.

WANTED

JACK MEMDOKA. F.S V.A. .re*s 'Or

gt iuioj I nv— - mu Si., o. O'* • e% IihSi l-

trial Prop** !%e> LC< Odn St IngUnl.
Irem 120 000 ;*> t *■■■ Dv :• '.PO
Bi.-'hi-witon Se.m H->«c 102731

T22799.

BUSINESSES FOB SALE

WHOLESALE CYCLE &. ELECTRICAL DISTRIBUTORS

This business n ti wared in West Central Scotland, seltine to retail putters
throughout Scotland Projected tnmo-e- in eneets ol £750 00B O d yila*> , >ih-d
CMKtrn w.th growth potential. F-eahold -a-ehousc p-tnmti lop-.pnHl :-.-i
to nsconiMd offer* based on nett asset *aluc on t due 'o be 4 .. t .j

Sal* by share tranifor, probib'r berwatn M60-''9Q Om ‘
Schedule of ncrtlcu'nrs ore nv 0 loMe juol ry ref __

„ ^ . CALEDONIAN BUSINESS CONSULTANTS

( Business Trwsfcr DhHajon}. CMt'-^Chambgri^ 9J Hope St.. G'a'.sow G2 tU3.

CARAVAN CHALET PARKS HOLIDAY.!
Aoart merits- Flats Sal* or Purchase Con.
sun the Specialists. Frank J Raybeuin
6R. B abhor o mb* Road. Rahb icnrtihe'
Tomur., Phony Torauay 3037S-B

SWIMMING POOL
AND LEISURE COMPANY

d. The Traditional Developers

Thi? industrial propprly development groups have been
riding the crest of a stock market wave for eighteen
months. There is more to go for in the shares, although
properly legislation casts a long-term shadow.

c. Scotland

North Sea oil sparked massive Industrial building pro-
grammes that Treated a supply of modern space now
overhanging a disappointingly sluggish letting market
f. Glasgow

Glasgow has attracted a fringe of successful industrial
developments. The City -stands out in an otherwise
depressed industrial market.

INTERNATIONAL PROPERTY

3.

BUILDING AND DESIGN
a. Industrial Buildings Past and Present
Factory and warehouse design has come full circle. since
The first industrial revolution. From hastily converted
buildings to purpose-built mills and back towards the
most flexible factory/warehoiise/parr office structures,
and the shape and standards of industrial building have
radically altered over time.

p. Northern Ireland

National Government efforts to maintain the Province’s
industrial base in the face of local conflict hrve spawned
a rash of new. and too often, empty industrial buildings.

h. The South East

Outside London the motorway-linked industrial com-
muter areas have been the scene for the most active
faclory and warehouse building in recent years.

AUCTION

■ Tuesday 21st March, 1978 at 3 p.m. on site

liTDAi/ mmwjf

FOR SALE

Apprommai-;, i5 V S UUU turnover.

5ound rfiit->b>i»-i an4

UKr"!* - "*-

Wr'l' Bn £ i?>>, finanekrf Timat,-
I'T. Ol-i.w Irrrrl. 1C 41* 4.17

445TOORAK R0AD,TQ0RAK. MELBOURNE, AUSTRALIA

iASQH: INVESTMENT PROPERTY
ENTERTAINWENT / RETAIL / OFFICE COMPLEX

SPAIN '

Spanish Pc yen, Ce>. with Alien
on thu On, .j wt S3 , ¥1 | wd lt
"■Ihs Cb as

co-iu8n.,a la-
-j»n anb 2-.>^ip*r

L-ijui' .-i i/i

sine: .«B8 lr,r r,. Su- ,«:«■, \ 2

Chartrr<-d -,|rf tr. ■

^ »r ^ :

h.

Industrial Buildings of To-morrow
Industrial buildings have to mirror the changing needs
of industry. Will to-day's industrial estate be ah aban-
doned relic by the end of the century?

I. TIio New Towns .

New Town Corporations, although now facing a gradual
run-down, have an exceptional chance to take advantage
Of the shortace of industrial siles by releasing land for.
private or joint development.

i ;

4.

fi '

r ;

INDUSTRIAL ACTIVITY
a. Finance

Moves inwards financial recovery have yet to be matched
hy a similar recovery in industrial output. Until industry
follow* the City out of recession factory building
remains a speculative business.

j. The South West

Motorway and high-speed rail links have turned a one-
time backwater ‘intn a .selectively strong industrial
property market. But here acain The lack of suitable
land for development is slowing the pace of building.

Ir

*

ILL

b. Institutions

The institutions funding industrial building strongly
favour warehouse rather than factory schemes because

k. Wales

Government-sponsored industrial huilding programmes
have undermined the- private development market; But
selective schemes show that the IVolsh market ie still
alive, if struggling.

POSITION:

IMPROVEMENTS:

Publication dale is 15th February and copy date is Rth Fchruary. For further details and advertising rates contact:
Terry Druce 01-24$ $000 e«n. Tlflfi or 71 16 or write to The Financial Times, Bracken 1

London EC4P 4 BY.

House, 1(1 Cannon Street,

BUILDING AREA:
LAND:

ZONING:

INCOME:

TERMS:'

FINANCIALTIMES

For brochure & further
information contact:

Prime main road location.

io 22 7 ?° ps -

10.767 m2 (11 5.900 sq.ft.) ' P k 9 f ° r 73 cars -
25.07 m x 80.36 m (21,686 so ft 1
Restricted/Business' ‘

p a - < on moderate rentals)

5Q.i deposit, balance 3 V rs. at 10 v,% p . a .

KOTELS JtfS
LlC£?iSED PREMISES

SOUTH COAST

tiSFZ'l j *-‘ Ltcws*.i

, ' 4j3 OLit’iS'.n^n* i

Pilhi,- q ( a . 1 -III*'-, Hai|.I|Jl|ll

rv- ,r ***•*

C’«I ii-ai.-tUnai. *i'l

a ‘ ‘■■•v :-r rft.k

- it » j-6i.ua a

.lOkj-. c-i J,-." 1 Lili "rn -N**

SM BU rCf , ‘ V

l 7 Jili.vi

CLUB!

EUROPE’S BUSINESS NEWSPAPER

Tht twntan ud jnbUcatian of Surveys n me Financial Timw are nOloev tn CMW* U tt» (UsenttW Ol PM EfflWr.

327 COLLINS ST ME LBQ URN E 62 0181

2558

■ jy=sSJ T c>4-

5hA2 , a? R ^I n *W‘TrtH V

Mon

. '

t

.'•u-’- - *■

P-.

t* • i . -

Financial Times Friday January 27 1978

r* \§

** |

FARMING AND RAW MATERIALS

* m •* r

Wholesale
bacon prices
reduced

1 X T XT' ' 1 1 "■ O L

i Fresh fall

U.lv. holds firm on sreen

| V JkJftfl JA*h>V>N^ .1 >-■ ■ tl MlM. WB ■

1 ft I 1 J ft

in metal

pound devaluation

markets

BY CHRISTOPHER MAXES

By 'Our Commodities Editor
Copper prices sank to two-

U.S. to attend new

By Our Commoditi*! Staff By CHRISTOPHER PARXE5

WHOLESALE BACON prices have ■

bveft re4«ttd by British. Irish and! THE WAR OF NERVES over

cocoa pact forum

■ ■ .-.***

Ulster suppliers, but it is unlikely! Britain's request for a 7i per
that the lower prices will be: ctnl - devaluation of the “gwn
reflected in the ghapti next week. Pj™ d *» UI,res ' , "' l>d h<l

PMC. BnWs hlRse.1 carer, Mr. John SilMn. Minister

lias reduced Its first-hand price of Agriculture, hud still not
to £1,003 a tonne front £1.080. The decided whether he would carry
new Irish ond Ulster prices are through his threat to boycott a
a ho £1,005 after reductions of £13 hey meeting 0 f common Market
aud ££5 respectively. Fisheries Ministers in Berlin

FMC said its lower price } t0 *| ay - . .. . «

reflected on - oversupply . »ima- «' ' he

• H h ., 1. ■ 3 I to the West (isruun. Belgton jnti

uun whh ihe Patch Dutch Governments, which- were

Danes incrtMing huppiley responsible for the impasse.

itaem^poMnstpa.. demand CDU , d n#l rulei #U1 a

: IwMninule dash to Berlin. Bui
The company said thdhicrcawo | jj nec t%. 0 hours of talks yes ter-,

r Zt W m thei day be tween the German and

t h n e . P f°gg fl ft: r of * cot - -! British junior foreign ministers

graen £ rate. • . had failed to find a compromise.

Discounts hav* trimmed _the : the possibility of such dramatics
price of UJC. supplies to ^950 > appeared remote.
r ? c ^" tJy ' l J SIT i ln a statement to the Commons

a ffS

S5S re around flOofl’a tnnne. | g«g*»

If any retail price euts result the devaluation of the British
they will probably be eoneen-, » green pound" was .finally

t rated on middle and gammon
cuts, he added.

approved he “should not feel
able to take part in the discus-
sion of other issues.”

Herr von Dohnunyi, West
Germany's deputy Foreign
Minister told Mr. Frank Judd,
his U.K. counterpart yesterday
that Bonn would not he in a
position to lift its reserve on the
deviation until January £9.

Mr. Silkin took this to mean
that the embargo would be lifted
then. Such a move would permit
the planned devaluation to 1-e
processed in time for ?he
February I deadline.

“For my part, I intend to
attend the fisheries council on
January 30.” he told the Com-
mons.

He told a Commons scrutiny
connuittee on Wednesday that if
his last deadline was not met
he would scrap the devaluation
plan.

Sir Henry Plumb, who yester-
day was elected president of the
National Farmers' Union for the
ninth successive term, said of
tbc wrangle: “I am fairly confi-
dent that - this devaluation will
go through.

“I Cannot believe that the
Commission will allow a prece-
dent for a country to be denied
ihc right to devalue its green
currency, nor that any country
in the Community would have
the nerve to attempt to veto
such a devaluation."

Margaret van Hatiem adds
from Berlin:. Mr. Finn Gunde-
iuch. EEC Agriculture Commis-
sioner last night, delivered an
indirect, but unmistakable attack
on the British bid to devalue
the “green pound."

At the opening of the
Grunpwoche agricultural show,
he said: “1 should like to stress
that my position is that we must
negotiate all important aspects
relating to farm prices and other
essentia] topics in the community
context— * that means at the
annual price review."

"1 have always stressed that
the elimination of green
currencies can succeed only if
we allow a proper transitional
period. Otherwise the con-
sequences of such a move would
conflict with the requirements of
our prices policy," he added.

Aluminium

Coffee ‘squeeze’ fears fade

year low*, on -the London
Metal Exchange yesterday
following another bout of
speculative selling. Cash wire-
bars dosed £12.25 down at
£622.25 a tonne.

The resumed fall, after a
relatively steady day on
Wednesday, was triggered off
by the weaker lone in the New
York market overnight that
brought more selling by specu-
la toes.

ft is thought likely thai
othelr U.S. producers will
follow Lhe recent move by
Keunecott to cm its domestic
US. price by 1.56 to 61-50
cents a lb.

’■ Sentiment In the copper
tnarkel was also affected hy the
trend in other base metals,
notably lead and tin, which
suffered further heavy losses
on renewed selling pressure.

Standard grade cash tin
closed £95 lower at £6.005 a
laune, calling its premium
.over the three months quota-
lion which lost £50 to £5,985.

The market shrugged off a
rise in Penang overnight in
the face .or trade and specula-
tive selling.

Cash lead lost £10 to £306.5
a tonne, wiping ont the gain
of £5 the previous day.

Bene wed speculative selling

BY OUR COMMODITIES EDITOR

!A NEW advisory group on the
■ world cocoa economy, which
f offers the U.S. a “back door”
membership of the International
Cocoa Agreement, will hold its
[inaugural meeting in Berne,
•from January 31 to February 2.

I Mr. U. K. Hackman, executive
'director of the international
! Cocoa Organisation, said yester-
day the advisory group would
'give an opportunity for a free
exchange of views between ex-
i perts from producers and con-
sumer countries, free of political
complications that often in-
hibited delegates at the Agree-
ment meetings. For example
' advisors to official delegations
will 'be allowed to speak freely.

!. Mr. Hackman said it was im-
[ portant that the U.S., as the
world's biggest consumer, should
I not be excluded from discussion

on the future of the cocoa
economy and 'should have an

opportunity to state its view
rather than being left out in the
cold.

He conceded that the group

might play a preparatory role in

the negotiations for the new
Agreement to replace the
present pact which expires in
September next year.

The items on the agenda at
tbe Berne meeting would include
a review or tbe recent develop-
ments in the market, supply and
demand, substitutes and the pos-
sible co-ordination of technical
research, he added.

Mr. Hackman, commenting on
the recent market price decline,
said that the ‘‘bear raid” which
had stmed last month must end
soon.

He stuck by the forecast of

the International Cocoa Organi-'
sation this month that output
during tbe J977/7S season wouic
exceed consumption by qhJ>
39,000 tonnes, despite higher sur
pluses being predicted by oibe/
sources.

The Economist Intelligence!
Unit in its world commodity out
look review out yesterday
forecast a substantial world
oversupply uf cocoa of up tc
100.000 tonnes.

ln London yesterday cocoa'
prices fell tu a lfi-monlh low on
tbe futures market. The May
position closed £15.25 down at
£1.477 a tonne.

The March position remains at -
a substantial premium, but the
nearby supply position i5
generally easier and this bar
been a major influence in bring-'
ing London values down.

Farmland investment outlined

BY ERIC SHORT

surplus -i * YR,C ”* RDM00N6Y .

p j j COFFEE PRICES fell sharply on Wednesday’s rise had been

torecast ’the London futures market encouraged by reported buying

. i vftKterdav us sunnlv "smieeee" of January coffee on behalf of a
CONSUMPTION OF primary leading Central American pro-

minium in the West rose by M ; WednSdav ^nd^ 1 ^ * S uce £ Th - e P£? duccr has already
per cent, last year to ' U.4m. 0 V d ^' .a k bousht significant tm an titles of

n * January coffee declined by January delivery coffee and has

tonnes, says the latest issue or -£M8 al nm a toime in ^ lel it ^ thal jt pJans l0

Aluminium Trends. . absence of significant buying accept delivery.

Aiuminium Trends estimates j interest and other nearby No buying from ibis source
that production .of primary 1 positions responded in sympathy, was in evidence yesterday, bow*

aluminium rose by 10.9 per cent. I The March position ended ever, and Wednesday's "panic"

to 11.35ra. tonnes. ; £41.5 lower at £1.756 a tonne reaction tended to recede.

I was responsible for the de-
cline, desoil r some trade huy-
; ing at the lower level and
January position could increase . reports of Eastern European
over the few remaining days in inquiry,
the position so 1 alleviating the: • Experts, from members of
apparent tightness. Intergovernmental Connell of

In New York, meanwhile, j Copper - Exporting _ Countries

aluminium rose by 10.9 per cent. I The March position ended ever, and Wednesday's "panic"
to 11.35ra. tonnes. ; £41.5 lower at £1.756 a tonne reaction tended to recede.

After allowing for a net import I after ' risia 3 to *1*820 a tonne al London dealers said that
from the eastern Woe of lOOJKJO | one tendering of coffee against the

tonnes, there was an apparent! :

surplus of 50.000 tonnes. ’ . «

Cyprus-FUC pact hopes

19S0 to 14.9m. tonnes, while it [ BY DAVID BUCHAN BRUSSELS, Jan. 26.

prima^ alSium^vfiir Si ^ THE EEC is reported w -have to the EEC That lapsed at the
affected adversely by ihe world a “conciliatory line r at end of last. year
economy growing slowly with a J-Mumed negotiations on agncul- Un sheny. the Cypriots are
possible fall in activitv next year. imports from Cyprus. worried about having to sell on
The muHinc mt thm . C<»i»«nll» ofllcials nil 1.1k* thj Brtmh »,,!.« al a rn.fl.fl.uii!

BY DAVID BUCHAN

BRUSSELS, Jan. 26.

The magazine says that . Jf*? re f Terence nrice

priaaar> aluminium consumption an asriculturgl dause within Thev fear ^ . .. ^ueeze

»"" ■ •» ^ “?»” •‘■Sr^SJSS' 12 ?' 4 M%SEVS 2 sss-

• deal Kvorianou last year sports the issue is the timing of

1!1 ^- - idm^bcd L " uMrecptab; e “ reductions, which the Qom-

There will be a surplus vapa-j ' . P - ' mission wants to set when Ihere

eity worldwide. Capacity- ntilisa* „ 1 h * . problem arose when are .^hortagw' Inside* the fiom-
tion toll have lo be reduced 0 lhe wwity markel.

about 81 per cent, next year and;® T1 i ,s ‘ , Blarket ended. pEC offieialx recognise that

S3 1 per cent, in 19S0 lo prevent It exports oyer SO per cent, of the^ isfuod’x political - problems
a further liuild up of stocks. . (the agricultural products it .sends have noi made it easy;.

traders said some exporters im fCIPEC) began a two-day meet-
producing countries have [ ing In fttrls yesterday to define
followed the market down over a common stand for the Third
the last week by offering coffee 1 Unclad preparatory meeting on
at lower levels while others con- 1 copper to be held In Geneva

tinue tn hold ont for higher' next week,

prices. Plans :io create a buffer j

But they said that exporters stock of lm. tonnes, and Chile's ;
who have shown signs of lower-: refusal. lo cut production are •
ing prices, have not been keen also likely to be discussed,

sellers and in some cases havei In Lusaka, it was reported .

not followed tbe market all the; that Zambian ■ copper prodne-
way down. > tion fed sharply last 'year to'

.Sales of Mexican coffee have' an_estfnutied 650,000 . tonnes^-.,
been reported at under S2 a - Its lowest level for o\er a
sound, while Honduras offers deeade — compared with about
have berc made at around March \ 711.000 tonnes In 1976. '
contract levels and Guatemalan j

sored, however. I U.S. OptiOnS
that no offers at present market ■, .

levels have been reported from mjlXK6t 111311
El Salvador. Other producers; pi«n

said to be offering coffee include' WASHINGTO N, Jan . 26.
tbe . Dominican Republic and; THE - Commodities Futures

Peru. ! Trading Commission has

•Ai talks in London Inier-;approvedprei:mjnaryreguJaiions

national Coffee Organisation deie-. which will aHow trading of
gates said interest by some coffee : commodity options on regulated-
producers in the use of a buffer: exchange* :n the U.S.

INSURANCE companies held
270,000 acres of agricultural land
in their investment portfolios at
the end of last year, which was
0.6 per cent, of the total of some
44m. acres.

Over tbe past 10 years that pro-
portion had grown from 0.2 per
cent, and insurance companies
had made net acquisitions of
nearly 187.000 acres.

The growth was broadly in line
with the rise in funds available
for investment, the British
Insurance Association said in
evidence to tbe Nortbfield Com-
mittee.

The association said that there
was considerable misunderstand-
ing over the extent of ownership
of agricultural land by financial
institutions. It had over 300

members, but only 20 companies
had investments in agricultural
land.

Nearly 200.000 acres was held
by life companies, nearly three-
quarters of the holdings. Other
insurance funds, such as general
funds and staff pension funds
held very titrle.

Eacb company makes its own
investment decisions and it
would be misleading to
generalise Dn reasons for invest-
ment. the association saidl

But it is clear that the com-
panies that have bought land
have done so because they
regarded it as sound investment.

Most companies hold offices,
shops, factories, warehouses and
residential and agricultural land
would be a logical extension.

It was thought unlikely (hat :
such holdings would represent''
more than a small proportion of
a typical portfolio. The assucia-;
tkm fails to point out that there. 1
are a few life companies offering 1
agricultural bond investment.’
where the underlying fund isj;
mainly holdings in agricultural!
land. •

It rejects the suggestion that
institutional holdings are concen-
trated on arable land in eastern-
counties. It shows that holdings^
are spread throughout 35
counties of England and Wales
and 10 counties in Scotland with
about half tbe acreage being
arable. Abrut 225,000 acres worei
let to tenants and 45,000 fanned
either in hand or in partnership.

Egg fanners warned of glut threat

BY OUR COMMODITIES STAFF

stuck to intervene direct!:, ooj Mr. WSBan?. Bagley. eommis-'
world coffee;. p-.^r’a^s. raided %‘sion ‘fbfflfean: ' said he' 'expects,
number nS iecnmcai w.ri«dera ; ito haV?* final resulations ready

linns yesterday.

in three to four wi-eks. Reuter

THE BRITISH Egg Association
has warned poultry fanners that
they must either stop expanding
their laying flocks so rapidly or
face gluts of eggs and falling
prices in the next year or so.

The association says egg pro-
ducers have been buying 6 per
cent, more chicks than normal for
the past three months.

Similar expansion in the EEC
is expected’, to aggravate any
problems, in Boutin, since q|ber
Common' "Starkef countries will
be looking for 'export markets
for their surpluses.

In the recent past tbe Com-
munity has relieved pressure
caused by over-production by-
exporting to non-EEC countries.
But now the U.S. has stepped in
and taken over many of those
outlets.

produced 10 per cent, more eggs.|
But production fell in France,
Belgium and Denmark.

The association says these
factors combined “indicate that
unless caution is exercised in
future (chick ) placings, 197B-79
coaid be an extremely difficult
period Tor. the industry.”

British egg output rose 2 per
cent, last year. Dutch farmers

However, the number of egg-
laying chicks hatched in the
EEC as a whole rose about 3.5;
per cent, last year. Tbe rise in
Britain was 4 per cent- overall.;
while in Holland hatchings,
jumped almost 18 per cent. \

Iran is the EEC’s biggest
customer for eggs at the moment,
but most supply contracts for
traditional buyers are smaller
than last season. |

COMMODITY MARKET REPORTS AND PRICES

- BASE METALS

w eartr iraaiia. M the alurapcn. com-*

COPPER— Weaker on ihr LOalon Una:
l.Tt'haftft- ■<' «rm!Hii , n< ri'mai&rd dr-
pri-«iuHi. .xiirr ranine (V*m Mt to ttO
nr Guruit. !Uc oner or onward mr.oi
siahilmhi. ciurtiu wllm* prrJomlnafrd

lower, olisnmg «se|f will) London,
u&rr* Ota ctadn* price on nr Kerb »
£635.3 Tomovrr: ULMO -iMinra.

ftoulaanuitnl Mrtfcl Trudies rcmwrd
:tuf in tb* niomkiG rash wirchar-* ir-iib-d
*i S ftPJ. ihrcx nuurbs nsi. JiJ. r.: \
SXj. Wju X. »L3. *. Cilbodcs. «.-ash
XfilS. Ihrw months £«S5. Kt*rt»: Win-ban.
mm tnowhc xski. aij. 37. 3TJ. 37.
Aftrnwen; Win-bars. Ihrrc imwlb iWfi.
37. 36.3. as, Si. 3 . Cathodes, (hire month*
nU.i, Kerb. Wirrbsr*. llliw mumhs

HU.

TUI- LMK aramd ahtwaaft tbr marfc-t
y.-u erartbodowed by other metalc. The
KoM wan Wither ovenUBbt and forward
mrtal Hartal » london at «.01 j . hafarr
brtnc taken down by trade srWnc in
DJM Fresh buna*. laremi in
cash me: 4!. Took dir oner back 19 M.-hW.
m the anmnofla the price aUWrn baot on

a.m. 4> i-r
t tm. ui —

|*lll. l+w
l mdHrial , —

X , X ■ X ; £

Wireban . _

6ia.e-a-is7s asa.s >.»»

j r«allw.. 6S8.W ,-12

>r*i t'm'nt b23 -J3 .

Cathodes

La. I- 613-5 ,1» n tltMF-U

.- :-.tum!i«.. KN.5 S.B-IJ5 6*4-8 !-115

Si-ni'm'M 61 S -M
I 5? nil-. . . 60-62.6 . . ..

LA. hoDldar.on. and ondrr the :sed'm-r
of a oroagrr swon.1 -rd :.ir p-rtnrma ru-a
of oUn-r nii ! art. to 4 .-low- nn :fw K’^b
of O.MIS. Turnover, i.ic:. loan-.-*

COCOA

a.ui, 4* ,,r t‘- MI -
•IITM-lt: • — I an!flri*l —

Valaei Ji^id r.radib unal rmowvd Irory
Odt; ^:L:;b pros." crated la-.c iicatdinun
ahd kuL .Lis*. rr>ir, Gdi ani Dufln*.

Ye-.tr**!s; V -{- <t ' Hi.-iuma
• im \ \ t-:..— — • 1* ui#

High tirade x . X t x
Lmi bO5S40 -S7.S 6000-110 -VS

s uMottn. soBft-nsi -n.s amo-cm-^s

Seutrni't.. 6040 -60

luhT... 6035-40 -SS 6000-10 —OS
ooMUba..! 69B5-BQ -50 5SB0-90 -SO
SeiUrm.i.-. 5040 . -60
suaim K..XS1644 . Cue — •

.VwYork. 540.0 ....

VuiC'Kr'l

Uan-.l.. IU7 5SS.0 - IB.S I5M.0 SS.B

\U* 147U-7LD -:5.»LSiSJ-l47S

-o:t K53X60 3 -15.28 1430.0^7.6

«ir}4 . M4SX-4S.9 - 5 0 I4B7J.45J

Or r . . «au.:5.9 *-:w r«a.e-2fl.o

Masco 148X0- ULO -5.0 tCSa-OSOJ

u« r .. iMCLO-fSJ -0.30 w asj _

Sa>»- _’iu UK* tots rtf- 1 'nnnis
IntenaiioMl Cocao Orpaoisaun il'.S
wii* p^r poand Daii'y arc-.-. Jan. 2i.
”0JT7 .L-Oja*. Snalt’^rfor once* Jon.
r-ijay 11 .race r.ii-i *!».4Si: 22-day
arcracr 137.10 -ISTJSi.

Ui. Index Limited 91-351 3466.

29 Lamont Rmd. Loudon SWIO OHS.

May Cocoa 1.472-1,482;

INVESTMENT IN METALS

The L.M.E. provides a medium for investment iu Cupper. Tin.
Lead. Zinc. Silver, and we shall be pleased to act as brokers
for private clients, stockbrokers, financial institutions, metal
fabricators, metal stockists, etc. Option trading also available.
Contact R. J. Wylde or I*. D, Crabbe for further
information.

HENRY BATH * SON LTD.

1 Metal Brokers since 1794)

Market Buildings. 29. M incing Lane. EC3R 7DA.
<11-6361881. Telex $87700

U ora in* Standard, rath l'. 040 V.
ibrcr monon £iw». ts. n. «. nicb
unde, wsb SC.B20. -JS. ■». 48 Tftrr-
nmitto ij,95j Kerb. 5r*B04>tl. :«r«*

numba oj. 10. .vnenwr.

Smnddnl. thii-e muaitu li.MO. to. js.w*
X5JS5.. W. SSL K*^b: Standard, tbnf
awtths ajw. to tj
LK ^-Uwcr (nr'Jur boll
Ubb. short- ch*rtisi and tiaMMSioR
bQQSc uUins (HunrC lanranractal diwn
Tbc -puce leil from jSU to f3!i per-
mwtet tut then held fertvceB c:o and
ni4 for the rest of the day. Thnc o*«
anas trade bi-dsi* rorn-hm ai ihr io*vr
level* and Bavtern bloc ena»>7 re-
parted. Tb*- ylnsc os me Kerb was war
ihe OajT* low- u £na.S. Tartmr:: T*M
I0SBM,

April previous tn ar.ns uf au.-onoi »r 42 6. 1IM-120 Jbv XLO tn 41 128-169 lb*

mat Cwnman wheat— 20. 9.r4. 6 .14. K.9 In 9 9.

O.r.4 <47 29 n:l oU. "ill*- Dtn-am wtoaai— Haras: Kiuclt*h law leachi 17B.0 to
114.22. ml' miWi: Rye— 74.61. nils

Barley— 77 'ij. a:I* *san)r*: Oats PartrMaes: Vonnc «ea(.-b> ITn.o in
— •*anh->: Ma«e (alher than 196.6.

hybrid for seeding)—^ U.<. nil ml 0.1T Pheasants: Be»l -per braev. 306 6 tu
■sqm. <: Minn— 73.*" r. H 'samr ' Crain 32u.n

wrshunt— IS ii mi -TH.-I nils- Also COVENT CARDEN i Prices in sterlins
for i iDurfl When or mmed wheat and por paefcaae unless sianrd»— Imported
nw nour— ikj» isamr : Rye Roar— produce: Onuuos— Span!*; Xaveihu*
115 46 <»ani--. 2.S0-S.Q6. Navels 3.00-1.36: Jafla: SjO-3JS:

PRICE CHANGES

U.S. Markets

Pneas per tone mace ottarwtse
aiared. ■

RUBBER

Ci-prtoi: UvaJs approx. 19 kilos 54'SBs iinmioiuiu.— ,£5K>

S 84CU9: . KaSTtlan: -.-Baladi 2.TM96: Pros ilarkec umi *8H>1
Uoroccao: '' 3-90-XM. L*mwis— Kalian: l oppomritW. Uaral^e.
169-120 Cypriot: Crape- minih.' .to. ov ■**£»:

NEW YORK. Jan.

Cocoa— March 134.13 ilU.OOf. Mar 124.45

__ ‘ 1126.25.. July 120.73. Kept. 118.39. Dec.

! . . M 115.66. March 113.60. May U1.83. Saks:

Jail. &■ -}- i«r Month sai

U»P — *gf. Coffee—' -C- Contract: March 190.00-36

>494.50 •. May 174.00 asked H7S.Mli, July

- — *.aOK£ asked. Sept. 136.30 asked. Dec.

HI M asked. March 137.37 asked. May
JfiRO W-M-as-W- »»■

*P,vL- . .. . Copper— J a5, 36.70 i 37.00i, Feb. 36.70

,,3r - a «>- -March 5TJ0. Mar 5S.2D. July
Sept. 60.10.' Dec. 61.30. Jan. 62.00.

COFFEE

V.«. | lnifl*.JaT , » Pirt-..<..i

4.h0-i.E6: 3rt Iba 72-ion Srannj- SBirth Free Market -Wn...* 182-2.0 ' V. .73-2.3

:i 36-3.00. UoWen Delicious ■J.aw.W. Red .... rinilIll , r ^ l , w , Qf - i

fgrsj^s. *2? sssrnJ£ ‘STSS^SSiM-utB

bales.

'Cold — Jan. 175. N iT76.20i, Feb. 170.20
• l76.6Ui. March 177.30. April ITS. 70, June:
131.40. August 154.10. Oct. 1S6.6V. Dec.

Rsbcsas u-n Sra: oo spends in faro
nl 4.002 C^:au 5 . 3.7 Kerjs- aajes. repors
D: - « : Ear^r.aa: Tb<- ».-:sh: of trade
v.-LiSi r a:ci*d :i.3M User and fa Jure

ui ioSts- nwrc Wednesday

ss pas-:ifl2 caosnf £123 fd-1 on

3aj. Oihrr posmocs ZZC *o i« tPMer a>.
cTose. Ora.rrs us {aQ as natural
:« a'.rrinvnu :ba a . drk<-lop*d tn
Wodn^kda: :! refr-cf^o return :■>

brarih senr.-nren;.

Man'll - 45.B3-46J0

Apni .... 46.0S-4IL55 45. 1045.25

sj-r Jnc 46.33 45.66 45.93 4SJ» 45.9545.45 Hnnsorlan. Red Delicious 7 mi: Danish

Jlr Sfl., 48.M-46.40. 47^-46.80 48.45-47.30 Per pound Maclmosh 0 1W 12. Spanan

rn'f-LVi- 50. 73-50.75 49.60 45.70 50.40-45.75 0.11-0.13. Pears— Italian. Per pound
Jnn-llr* 5U0-5XJ5 51.40 51 jO 51.9&5L0Q P<i.-%ai.Tasfanc 0.00-0.12. Plums— S.

Afir-ine 53.55-3ija U.15-53.25 S5.55-53.20 African: San la Rosa 12 13 lbs. per pound.

4:v 55.15 35Jft M.75-S4J5 55.00 54.80 8.24-0.25. Cranes— Spanish: Almeru* 2^

New York prime sieam 22.25

a.iu. 4- «*t “ <+■ >*•

UCAD Offk-k; - '■ LonfOrtad —

Yrstmlnv'-

L.nr +m Bu>iue«9

■ - — IWinr

£ pe. I mute '

Sale*- 392 ■ 63! > !>.;• i»j JS T'ifnjpk.
Phynieal dn-io* pm.es >bjyi r»- were-

Sg* 11 . ’• llltg>: Mari-il 41,7511 '4« 3»: p eT pound o' m. Tomatoes— Per 6 kilos.

April 46.73p i same t.

Canary: r. 504.20. Capsicums— Canary.

Mnrblmr Cash fJOT.j. nr. lhree aantbs
XTO. KA 13. 12 3. 73 13.5. 14. Ui.
Kero: Cash COS. three nnmhs JQli. 13-3.
12, ^(Icraogo TSwc* mouths £312 —
Kerb; Three months m * ia.3. «. :o.
Hi.

fOfC— Easier Sal thr latis mr-' «
so marked a« m aibcr metals, runhrr
-ttathtalBn pustii- fl jkc loruurd proc dm a
Arm 1330 Ift 5247 pmnurkei. but the
markht did not touch wch a hm aw*.
In tbe ruicn the price dashed la a
hah » i hr atttrmoa of £35 -3 bat idea
teO Uadi oa ibe Kerb so tlour a: 1212
T un a v e r. 3JM0 tooars.

J»BafT.-.. Z3:8J-2B50.8 153.0 2-70JI-2II70

Uar.s I75&J- 1757.8 41 S 1820.0-1735

Mar ImU-I638JI 32.5 I63Z0..MJ

j«lA - . ISUJt 1585.0 56-0 IBBU-AIO

Septet *■ 1550 J-1540J *7^ IS70JI 1551

. 1480.fr 7*800 S3J 1520 Jl .500
Js^-uara . . waB.friSWJ 20.0

SOYABEAN MEAL

Cucumbe r s Canary: 2.M-2-S0. Oolau*—
Spanish: XOO-U^O. Caul ifWsrs— Jersey:
6.30: French: 6.M. Pot wees— Italian:

lime —

—Spanish: 19 48s 3.80-3.34.

».iu- ,+ ui pm -J- "i

X15C ' OltkTal ! — UnnSim] —

ffirtkemost
luxurious v ”
0mufjmr Drive Service

in^mfBritain
ring 01-262 3134 atid
ask £rViel&r < Britui^

£ ' £ - £ £

CHb..^; S4&.5 ;>U| M9-50 -7.75

imocthk.. WfrS .75 -* Ji 2SA.5-4 -l.M
radm.. .' 24&.S ,-ajk —

PW-ffni 30.3 31

ba;?-. 4.429 4.4T4'. :■<, of T*r i>n.-:e<

ICO Imficatar ericas for Jaz^ 23 <L*J>
cesn pry posh! Cafombua MjW
Aratlcas 293 09 •sasy*. unuasiM
Arabia* iJi«5 -sasne-: other mild
■Inaras <104 a»;: Robunas ivtio

■sain Daib eTcraae 191.42 tsai^g.

LONDON ARARICAS— iiui: »Ub Sasdv
:C«esi. report!. Dreaci Burnham . Mar-
ie: traded fcu Iks m aRenoan. and a:
das* seas n&Jban&ed ip K IcK.-r M das - .

PrtH* 'tn order buyer, srllcr. cheasc
iasiami— fiprj 239 90-^9^3. -R23.2ia.n0-
29X55- June :U-2j-:9S J ■. nschansed.

ade. 1s7.es - i »t *v - P.7.7.
BJ-7M et: Or::. -0.73,

23, d«-. :«rjw-iff.m -1.3*. ml;

Peb. I5X!9iI0ARO. -193. mi Sales:

:z m*.

IVcwiit

Aiit.l

.Inn,-
Auausi ..
fKu'in
Ihctuter
fl^vulrv .

£:<eriptipe

ID4JMA-3.0 105.03

Zm-.- ......

■J mooUM

£249.5

£283.75

—1.75 £285.873
-'..6ra^&J76

I'nriiirerf

Oils

l uvnm - I'hli", ......

8600

655a-

f SOD

-5.0 6565

fiiminilniii

,£619

£597

IjiumkI UreuiKrr..

6256

-1.0 :

I > Um Malaj-sn

KflQp ■

8507

Seeds

Liqini PnilUp. ......

Sunhno 'US.i....

S380 v

8595

823T.5.-

-1.0 8249.15

Grains

Hariei KKC

Himm Fnrnre*..

■ £73.45

-0.6 £70.45

SPIaulnum— April 221.3fr22-J.Q0 1 221.001.

July 22S.40-227.tt> 1 227. IB 1. Oct. 230.08. Jan.
234.5fr2M.76. April 237.90-233.16. Sales:
1.109.

'Silver— Jan. 496.30 laK.SOi. Feb. 496.S0
>303.401. March 500.00. May 307 JO July
314.50. Sept 32! JO. Dec. 532.20. Jan. 337.00.
March 544.60. May 532.20. July 550.90.
Sept SB 7 70. Sales: >5.400. Handy Harman
Spot -497.28 (302.38 >.

• Soyabeans— March 589-570 •A721I. May
377 -jii J 1 580 1 . July 382-583. Sept. 371 i.
Nor. 58B5-a>8. Jan. 577.

Snjrabean Oil— March 26.20-20.15 ■ 20.67 >.

104.1004.5—0. 15 194. 70-04 JO Primu

IDLBfrOJ -0.03 105. ID-03. 30

: 33. 70-85, H -0.40 105. IB D5JI0 OnlMi

1D5-0&O6J -0.25
lC5.n-K.O -OJ3 (05.09
!0&JU-B6.D - 1.58

efl-ruun-.. .iwaaraiv.D - a .90 .'1^!! Fuiuiv M«v £1.477 -15 'rati 748 I Sugar — Xo. 11: Marvh fl.4frB.47 t9 .301.

SilKff. 89 Ml of IBB lORnct ' -JVr.POUreT Conlerraw- O.M-P.j4._ComKc- 1 .jre, l-«iture».... W ® I May 9.7K-B.79 «9.71i. JuU' 995. Sr-ot. 10.11,

dhiiiueni X1.SS9

Supar — No. 11: March fl.4frfl.47 tfl.Sfli.

SUGAR

LONDON DAILY prjce for raw su«ar

(1.14-0.16. SprautS — Per pound U.BM.Ilii, Man-n ’"'h ic. . ... v , , n.i 1*21-1113', Jan. 10.15-10.76. March

Pcria f tto 1 ^o.Tno bS RhSfrirt-pI? r S!^ 11,1100 V- Ind«:.: ikji* ZV.ieiX 10.7frlB.74. Mar I0.h7-I0.sa. Sales: 2.SM.
fl-Sfrt-OB- Rhubarb— Per pound -X4A7 Tin— a3a.Bfra45.60 asked isamci.

rnuuiminii Rubber kilo 45.Su 4S.75 l- •■Wheat— March 269J-270 U73Ji. May

“ duDgr >. E nsiand ami Wales^Canlr Xomtai. rymp»tefl. aSdler*s mou-

l4snttnx~ Cash I?A». 45 3 48. Ihree

notdha C4S. 4f. 43.3. 48. 48 3. M. 49A.
«•. 4W. 49,73. Kerb: Caib £&- ihrw
BMBOUi BSD. 35 22. 3S. AfTcnUBfr Thrrr
OS2. SI. 3J-* 54. 54--, 35

Wi. Jj.S4.-iJ.jli Kr»: 77ir« iMVhi
CD 3S. 22.2. 51

2 Cpms prr » ■»« ffmwH

naoncwl line . IM per pnW.

GRAINS

SILVER

Slitter Mill 1 4"-p an «nnf 5o»*r
Mr 8001 ddhcri m the Leadse bollian
wtartel yrar.-riay ai ?36.;3fl. 1*5

L-mtatkhii of ibe ftino Icitii *=«■
at .dk. do»a J4u tSTcc-mamh So:«r.
down S4c; ais-ouens 2!?.fc. tors ?Tc.
and 12- mo mb 33s.ii:. flow 2 be. Tbe

matal opened v 2ST21-23B3D
amf elated «r rM>U Sir* <46 8 on e ■■

CRAIN FUTURES ■CArTA — Tipeu-ti
10 l‘J hator arj old dap
Uradr CXinrecly

a!:-«2». H:4-:u.a^y ho Miters in Did crop
73 '-..ti.n * b-'.-e Mh. ir.-h.ir>>
fW.l-IaSsTs 3:a=--i--J :-■* Hl>rs. not
c.'Jfl 2 *5 r.-caer. - »|J .-rnp

Tas-J «i-*!v- juppor!

a -.2 YiTJi Aji.l-Ju:-: t'-'i b^ih-r ai*a.t: af
«*(•’■ ■Si'Srl SUeJ- a: VI ti’aher

\m- ua;» 3C--: i-Jhesci uhfet -.-L'li-d
ivih a: “ b«frt'?r *h:'e mv trap
Jc*r2 9«:u.-?a uuJMSicd and 25
biii":. A-. ; resdris.

-lure* I

Y« , 'iby , t

t'-.u.m. * »

f irnn.

P-l-lllfM

WOOL FUTURES

LONDON— Dull and fraiurrlnt. repors
Rat-be.

fl*ent» pi-r Kilo-

mum

BnllM

+ w'. LlaBi . Hr

vee'

ffsint

1 — 1 ~aiM0 : —

tnopae.

priefne

! I

Jl’sirb

toiiMir

r?n*

lHUtiwr • -fur

i Osd —

Vw.

8SJ70

~ -04S

75.45

-ass

Shr

86.85

-Oft3

75,90

-0.88

ar«.

84.05

tOJt

79,60

-DJS

86.35

-o.a

82 M

FINANCIAL TIMES

Jan. «-E Jan. Vs M-rafli ag<i TraraS"

227.08 231,48 235.55 2E2J4

(Rasa: (ill* L i*3t=i6ei

REUTER'S

3»n. 36 J*ii. eSUwauTagi, Trar ac-i

} 307 J R 1398.8; iAvifiT 1618 . 1
’ (Baw SdBMffftw DL 1081=186)

DOW *IONES

' Do« '. _ Jap. i JaiiT". II^IL If

Joses ; lie

Spot— *J«W.»5 p -X-tS

ft moM bfc .; 880.«fip -TJft UOMp — «
3 noothk.: 264. dp -»t.fr —

3 ntftntlq.. 274 J>p —1,6. —

lmb— 1 Tarnavcr JUO iS5> loo of W.6W
ounces. Moraiocf Tbmt reonths a-5 !,
iti.l 60.4 UL 1. 6T4. -iOJ 1. fJJJ, 614. dJ*.
Kerbs: Tbrrr nombs 2BSJL MJS. £3.7.
frfienoan: Three months JoC-2. fiSJ. fLi.
»A. 5IA Kerbs Three aenUu 238.4.
9. SIJ. .

Victor Britain i$ the chauffeur drive service
of Avis RentaGar.

JUTE

DUMOBff JUT E - r i yw . . hat
Fncdi-Bto'tor RTC afloat and u IfiO
v. an d l UK. far Jsn.-fcb. 4 hmmbi.
Ofadtt iwtadmft- Yam ami
ctatt auiSL bat prlcaa firm.

mum done — Wheat: Mar. (5.884)158,
May 16 61 4* 3 0. SfpL SL1U385. Noe.
«R5frSt2a. Sales: 3L laiRf: Mar. rj.LV
7193. May Z tMTijO. Sp 3». 7>AfrJ0Jj.
Xcv. CS6S1B. Sa^s- XS
iMPORTgn Wheat: CWRS Xn. 1. :3i
ee.- iesL. Jaa- Teh.. March 1S4-0O Tj*
ban-. U.S, Darfc Narihrrn Spri:. No. i
If =r- orsL. Jar.-. c e 1 :.. March iS7Jj
fraubl^aem &si Csuu L'S. Hard
Wirt: -frc.-barj wcs.-icd. Auatfaltsfi
urhea: ss&n^el. EE-- u.W ur.nueed.

Maize.' '.A -lren^ Ja= aSft«. Feb.
fTSJfr ‘iarefc sing?' 1 war-.-hiriTieni Ea«
CiifZ- S. Uru p .
uria: lixi-Ti

KCCa— E a-lara mim ar-se* Jan. :*
Ddkar amOma wtaak Sud'Ji £38.«.

Feed wtaae: EaaSi La-rsla £77.; C. wni-
liwr 17745. Feed tar ter : Sotfh Ldcols
138.88. K iWtrt Sn ia.

EKC IMPORT LEVIES— HSr-e.T- TO-da?
n srdtr mrat fcw ftm Fab.. Mar. aai

*.-]«* ham u-cnre_D.jr . 1 »

*>U--< 1 . I23.K-78.SQ iltEfr :S.7& I23.H 1 59.0 ■' | YcTrtfU.V + -r Sniinfrto 227.08 231,48 235.55 262.24

Mai .. 1S4.25-24.fi I24.WJ4.J7 124.9B- ISS.4 T, iv«»% W,-4 1BjM . Yul*' L~ifi5=1«i

si.it-. u/.Msr.Kisjjs.sT.ra^i.ra 1K.5 —

fat.. 129.20 £8.5flE»J3-23.;513a.23- 123 8 .. i REUTER’S

lire.. 151.00-31. Id U2. IS 52.2=i 1S2 00 150 S '**!••« 352.0-575) tIJO —

«a:.-f: . 134.89 ii.M ISM1 36 JW 11AM 15SJ Msr B32.S-36J1 +0.S0 - Jan. 28 Jan. ca MonUi au> tmrae>r

Mai . . 137.39 57J8 138.25 SB Afl 15! JU 1376 J«*F- K1.0-56.D - —— — , , ZJ-

iMstar ...J256.MD.0 tlif - 1307^-1398.2! 1417>d ' 1618.1

bale*. -..4- «- L0i lots of J lnnnea. IieiTinhei . (22B.0-4IUI +1A0 — * " «' py s y ~ g , , ■ " i .' i 'S ■ ' ■, * ~ -

Tjfr ard Lyrf rX-febnrry ur;u- for Mau-li .. ..{237.042.0 -rl.50- — wranMc is. nn-lM>

kranuiucd b«is while sutur uaa EJ4J40 \i«v H3SJ44.D ,+l.SO' - - rmw inu»

-samo a losne in tame iradt aud UTS Jnly ..^... J38.W4.0 tIJO - JO "tS

' tareenmel^lwlica- J fTw" ‘ ■ S* E -l* pT ’

tor ortor.: fL->. can per uuuad lib and SY6HEY CREASY fin order borer- JWW * ? - *<50 ■

s'DWVd Caribbean oursy Jat ’j Dally setter, business, fiale&t— Mtcrao CnMraci: _ . '

ar ler 9M (9VT,: Wo »««*• W March 328.6. 3484. 340J-33.Wh Utot 3CA Sp«L __ -548.0 1SM.B< 34 1.7€389^4
{8.751. ™ 5 0HJI. 344JW4M: Jay 331.2, 33£0. 3J2.fr F.itora.-3g^65 : 336A4433k54 382.7 8

e»c IMPORT LEWES-Effrefree tfrtay «•* sue U^u. n»»taM)

far detuiurr-d aui pear denatured ustr. “ j3 a - 3w.s-aw.o. March ^.a,

is a cm- •<! J«juw par MO Stiffs iprevtffos ^n¥ SLI! LS^w J5: MOODY’S

tritL’pisi. WUifi! '*2 79 ;7i 11 . raw" JwJ, o®-0i lffl,WS?.7. Sai#$. 3-3. - ■ -

IflJj ruJmv. - - ■ • *R A o FORD— QWet »nd Brices offered , Jan. ; Jan. tfe«i

and takeu are tow in relation to quota- Moody •« , :e ca ■ •qj- h^--
. « . w lions, markci sources said. ■ ; — - • —

MFAT/VEGFTARI FS * rfptofnnuntc .902,6 001 Jaa9^ ?83.P

‘ wEIADLCa LONDON PALM OlU-Close: Feb. fDncMtar «Tnflt=lM: '

SMITH field aenre per nnuni.— ffaef: 37AOOdM.aa, Marsh STfl.DfrSSflJW. April - ■ — —

ftatfU-S i:Ce3 iifrs 4^D u, «J: Eire SiS-S®" 2 * 1 ®-®- Ulor JBO.0fr37O.08, Jane SW-W* ‘

mndtjjar.tr- MO » j# 9. 'nreooaners =1.0 STILOfl. July StfJO-270.00. AasOH 3M.B8- rnTTfllV

I* SPA. 77B N. Sept . SHB.BO-270 IM. On. 360.08-2:0.00. I I Ui>

Veab Eraiisb boblut-s ran to S4.&; ★ COTTON, UvumbI Spot and shipment

Dutch fcfiS? and ctl- 84.0 •.» fc.3. GRIMSBY FISH— Supply hot. demand «4e* amounttd IB l^Sfrtssnes bnasma

L-onur.t cif Si. Lawrence 4M1 'Sami--.

. All cans PIT pound <-n -warehouse
sunless otherulsc slated. -Js per trpy t
ounce — 100 aiince inis, t Chlczan loo?e [
is per ion lbs— Dvpi. uf .'n. ptM-s pr-> j
noas day. Prime Steam r.o.b. NY bulk \
fault cars. T O-ms prr 3n lh bushel e*- :!
warehouse S.iiOB bushel lots. 4 per
iroy ounce lor 50 ounce IITIIIS Of W-9 tx*r
cent, purity delivered NY. ' Cents p,-r
iroy Diuu-e ei-warehouw. r Now '* 8 " ‘
contract in Ss a start lOn lor bulk loin
of too short tons delivered r.o.b. car* .
Cbkaio. Toledo. SL. Louis and Alien.

Cents per 69 lb. bushel m store. .
‘t Cents per 34 lb. bnshcL TT Cents per !
«£ lb. bub*] cr-warebOttsc. Si Cents per :
38 lb. bushel, ex-warehouse, 1,000 bushel ■■
lots.

U»«w» ibswa-jesinj

MOODY'S

Australian food
exports to EEC

■bn. ; J*n. 'll-inuTTw

:ft Ea • tjr H4<-

.'ipb> Cnmmtc -902.6 001.1489^ >83.0
fDPoedbw CwBtaiBT '

EXPORTS of Australian food-
stuffs to the EEC Fell by almost
80 per cent, over the past four
years. Mr. Peter Nixon, Austra-
lian Transport Minister, said,
Reuter reports.

EEC exports lo Australia
during the last few years rose at
mice the rate of Australian ex-
ports and in 1976 were 60 per

Park: Cu£lf*b. oadK 100 lbs 3tA ta skinned doebsh medium £7.00.

yesterday.

- - -4

30

STOCK EXCHANGE REPORT

British Funds turn flat on offerings in unwilling market

Share index falls 7.4 to 475.8— Banks weak— S.A. Golds react

Account Dealing Dates
Option

'First Declare- Last Account
Dealings tions Dealings Day
Jan. 16 Jan. 26 Jan. 27 Feb. 7
Jan. 30 Feb. 9 Feb. 10 Feb. 21
Feb. 13 Feb. 23 Fob. 24 Mar. 7

last Thursday’s 5.031 when the
Ordinary share index gained
nearly 10 points.

Gilts troabled

■ “ New time " daalinss rpu take piece
frem S3Q a.m. two business days earlier.

I?

The recent uncertain mood in
stock markets deepened yesterday
and uneasiness in the dominant
British Funds sector was marked
by losses to J in official trade
which were extended by l more in
inter-office business. Yesterday's
falls took the Government Securi-
ties index down 0.42 to 76.37. This
is back to its mid-December level
and nearly 3 per cent, below the
January 3 index (7S.3S) when the
market looked poised to attempt
a repeat of its strong perform-
ance.

\ The marked reluctance on the
pari of buyers followed misgivings
S which arose following reports that
» the announcement of the latest
I U.S. trade figures had been post-
, poned from yesterday until Mon-
. day when President Carter is to
- hold a specially convened Press
■ conference.

Potential equity buyers, scarce
lately apart from the more specu-
lative element, were put off from
the start on the announcement of
Midland Bank's £9ti.4ni. rights
issue which left Bank shares very
subdued with losses to 27, as in
Midland.

Another weak area was pro-
vided by the shipbuilding and
aerospace concerns which dosed
at. or near, the lottcsr levels of
the day with falls to 15 on dis-
appointment that the interim
compensation, payments for the
nationalisation of the industries
seem to bear no relationship to
the ultimate compensation valua-
tions.

Interest in equities generally
was again very restrained and
prices moved progressively easier
in the continued absence of sup-
port. Down 3.9 at 11 S.m., the
FT Industrial Ordinary share
index closed at the day's lowest
of 475.S for a loss of 7.4. Falls
in the index constituents rarely
exceeded fourpence. but Vickers
and Hawker Sid del ey reflected the
compensation announcement with
losses of 1 1 to 187p and S to ISSp
respectively.

The falls. rises ratio in FT-
quoted equities widened to 11:4
against Wednesday’s 4:3.
Numerous losses in the FT-Ach/-
arles share indices averaged out
at about 1 per cent, with the All-
share that amount down at 209.33.
but the Bank sub-section dropped
nearly 7 per cent, at 1S7-64.

Official markings numbered
6.012. only slightly below the pre-
vious day's 6.2S3 but well above

British funds appeared dis-
tinctly troubled in the inter-office
tradin'* and dosing losses, which
had ranged to i among high-
coupon longs and 1 in the shorter
maturities, were extended by. !
further at both ends of The
market For most of the day
dealers were required to absorb

stock because buyers were ex-
tremely nervous, but at the lower
levels the market had looked
steady until encountering the re-
newed offerings, sometimes size-
able. in the unofficial dealings.
Sentiment which has not been
too sound recently was addition-
ally upset by U.K. political un-
certainties. the troubled U.S.
economy and yesterday's effective
allaying of hopes about a cut this
week In Minimum Lending Rate.
Continued tightness of money was
another adverse influence. Cor-
porations were not immune from
the malaise and the recently-
issued Kensington and Chelsea
llj per cent. 1985/87 fell ! to J3.
in £l0-paid form. A more detailed
assessment of the latest develop-
ments in the peace talks left
Southern Rhodesian bonds slightly
reactionary after Wednesday's
mark-up: the six per cent. 197S/S1
slipped two points to £93.

Still highly volatile after the
previous evening’s late shake-out.
the investment currency premium
fluctuated between 781 and 751
per cent, before settling at 73?
per cent, for a net further loss
of I{ points. Business comprised
both institutional buying -and
selling together with a good deal
of book-cutting or position
squaring. Yesterday’s SE con-
version factor was 0.752S (0.7330).

The surprise announcement by
Midland Bank of a proposed
£96.4m. rights issue had a
depressing effect on all the major
clearing banks; Midland were
marked down to 3S6p and con-
tinued to drift lower to finish 27
down at the day’s lowest of 370p.
while the 71 per cent. Convertible
Loan 1983/93 ended 5} points
easier at £85 j. Barclays recorded
a sympathetic loss of 25 at 320p.
while Lloyds and NatWest. both
at 26Sp. finished 20 and 22 lower
respectively. Meanwhile, overseas
issues gave ground on investment
currency influences. Algemcne
shed 31 points to £99$ and Hong
Kong and Shanghai cheapened S
more to 243 p. Discounts ended
easier in places although L’nion
held steady at 470p following
comment on the excellent results.
Manson Finance, a penny easier
at 49p in front of the half-yearly
results, picked up on satisfaction
with the figures to finish at 50 ip.
Elsewhere • in Merchant Banks.
Guinness Peat improved the turn
to 206p in response to the en-

couraging interim statement.

General Accident, 8 down at
224p, led ihe retreat in Insurance
Composites.

Richard Costain lost 20 to 260p
in a dull Building sector where
Taylor Woodrow shed 6 to 4d0p
and Tarmac declined 4 to 137p.
VP Cement were a like amount
lower at 23Sp and London Brick
eased 2 to 7Ip. Acquisition news
failed to inspire Montague L.
Meyer which softened a penny to
85p. Sharpe and Fisher, on the
other hand, found support at 50p.
up 4.

1CI cheapened 3 to 345 p and
Fisous 5 to 386p among irregular
Chemicals. Allied Colloids gave up

nervous in front of to-day's first-
half figures. Among Shoes,
improvements of I*. and 3 res-
pectively were seen in Stylo, 48p,
and w, and E. Tuner, 32p-
Disappointxnent with the size of
the interim nationalisation com-
pensation payments prompted
marked weakness in the com-
panies concerned. A fair amount
of selling developed, in some, or
the recent speculative favourites
and Vickers react4d to. close near
the day's lowest at ISTp. down 1L
Yarrow dipped 15 to 2SQp. -while
Vosper finished 9 cheaper at 165p,
after l5Sp. Hawker Siddeley were
similarly lower at I88p and Swan
Hooter 5 off at 149p. after 143p.

150r

PACKAGING AND PAPER

FZ- ACTUARIES INDEX

140H

130h

120r*

110

MAY JUK JUL AUG SEP OCT NOV DEC JAN.

Xcwall* at 2Up. lost 4 of the
previous day’s improvement of 9
which stemmed from Rhodesian
settlement hopes, Beecham, 650p.
and Boots. 215p, ended 5 and 4
down respectively, while the un-
certainty surrounding the Airco
acquisition left BOO International
a further i§ cheaper at 71$ p.
Elsewhere. Caledonian Associated
Cinemas moved up 15 more to
365p on fresh speculative demand
in a thin market and British
Cinematograph Theatres rose 7
to 59p for a similar reason. Still
reflecting investment comment,
Boosey and Hawkes added 4 more
at 204p. Increased annual profits
left Lonsdale Universal 5 higher
at S5p, but Cowan De Greet
slipped 3 to 74p on disappoint-
ment with the first-half profits
performance.

Turner Manufacturing featured
lacklustre Motor Components with
a rise of 13 to I19p on revived
bid hopes. Lucas Industries, how-
ever. continued to decline and
closed 4 easier at 253 p reflecting
further adverse Press comment.
Blnemel Bros, shed 3 to 62p, while
Associated Engineering. 119p and
Automotive Products. 98 Ip. lost 3
apiece. Distributors continued to
attract a good two-way business,
but sellers attained the upper
hand and prices were often easier.
Glanfleld Lawrence closed 2 off
at 36p following the results.

Apart from a fresh speculative
gain of 10 to I45p, after 146p. by
Mills and Allen International,
Paper and kindred issues bad
little to offer.

the trading statement which
accompanied disappointing in-
terim profit figures. Pride and'
Claris currently in receipt of a
bid fora Inchcape, dopped 11 to
525p to match the latter’s cash
terms.

Western Canada Investment
moved into the spotlight late in
Trusts, rising 80 to MOp on the
bid approach from Scottish.
Eastern Investment Trust. Higher
interim earnings lifted Hume
Holdings A 3 to 73p.

Shippings had an easier bias,
although Lofs moved up 11 to
39p against the trend.

R. Smalls haw (Knitwear), 3
better at 23*p on the increased
earnings, provided the sole note-
worthy movement among Textiles.

South African Industrials had
easier features in Primrose. 4 off
at 3Sp, and Gold Reids Properties,
5 lower at S5p.

Falls in Golds

Government ***■-

Fixort

IbAdwIb* UMMsev ...

GoM SItaea. -j

Old. Die. Yield —

Huttings Y’lditftilbO

Iftls Untie fBOC) t“1!

UemLinj.'s mart**-

Equity turnover ;

gq liter hinpsim »«**[•

76-37 76.79 76.6 7 7 7-00 77.23

80.471 80.66 SO-™ 60.W& 30.9;.

479.0 483.2 493.4 496.6 487.6

1M7 ; lei-ft W9.9 1Si ’ S 1478

B.64 ; 9.57' 5.57. 9.54 3 53

IT.lff 16-97; 16.99 169°

8.25' 8.3* 8-39 6 39 t ‘ i3

6.01 2 1 6.2B3 •.112 5.404. 5.224

_ ■ 8j^v 85.6T 66.OA OB.OV

_ | 14.265 16.325 14,779 16.004

77.35- ftona
0087 6B«2
486.0- .590.7

fl.96 9 78
36.09, 17.7S
ASS ftOe
5.031- 7.978
95.66 WfcAl
15.085 »,»T

"■ 43-; U am. 4i>.6. NOOB4WO. i am. 4S9&

10 am - ^ :w 47S.9. 3 JCT.*.

i M ar» 1 7:

*&!&*&*«• ••

C-GflU

HIGHS and LOWS S-E. ACTIVITY

; Hish

1477 Z* Si net- 4."nt|'ilall.*n

Imw

Jmi.

Iliah >•»»

Jan,

2h

nadSccL..! 79.05
00 l309>

*** "*'■■•' ’ JVS

Ind-Orf...... M9.2

Gold Mines,

60.45

t’4Ti

60.49
,4 li

357.6
itS'h
95.1
■ 1 ?■

. 137.4 49. 1U

(H 1 «■' | W’l'lSt

150.4 50.S3

‘(25. 1 1 • ,,’USI

. 549.2 49,4

ll4 *«-i 1' l> l* *Ui

‘ 443.3 43.9

ffiS 7si -n W-'l‘

|uiiiiBtn#<'... v

Atilt*.. ;
JVtii- ■

lu-in-irwii*.. .
Si^rnnnrs,.
Fmil-

182.9

810.4

55.3

136.8

217.4
20B.S
66. 1
343.0

180 6
180.9
■578
133.5

198.8

108.6

93.2

127.0

. >

*

t

i

.r *

4 at 6Sp. but Crvstalate edged for-
ward 11 to 251p.

Television issues were notable
for a gain of 5 io 125p in LWT A.

Sound Diffusion higher

Fresh scattered losses in the
Electrical leaders included EMI.
3 off at ISSp, and Plessey, 2
cheaper at 91 p. Elsewhere, news
of the financing arrangements
with Houston Financial Services
prompted renewed firmness in
Sound Diffusion u blch rose 4
more to 49p. Revived hopes of a
counter-offer left H. Wigfall R to
the good at 262 p. after 265p.
while bidders. Comet Radiovision,
firmed 2 to 109p. Buyers showed
interest in Allied Insulators. 2
better at 67p. and Audio Fidelity,
a similar amount higher at 34p.
Still reflecting Rhodesian settle-
ment possibilities Slocklakc
hardened a few pence more to
83p.

Leading Stores continued to
drift lower on sporadic offerings.
Gussies A were 6 down at 284p
and Marks and Spencer 4 cheaper
at 146p. Burton Ordinary shed 7
to I32p and the A finished 3 off
at 122p as did Dcbenhams at 102p.
Elsewhere. Hendcrson-Kenton. a
penny easier at 79p, remained

Elsewhere. Engineering leaders
were inclined easier on light sell-
ing and lack of .support. GKN.
267p. and Tubes, 388p, gave up 4
apiece, while J. Brown eased 3 to
247p in front of to-day s interim
results. Davy International eased
initially to 2S3p before moving
ahead on buying -interest stimu-
lated by news • of tbe £S8m.
Brazilian contract and closing
with a net gain of 5 at 239p.
Averys advanced 9 to I68p on
speculative demand, while Brooke
Tool improved 2 to 24p in response
to good annual results.

Fitch Lovell figured prominently
in Foods, closing 3 cheaper at
57p, after ofip. following kiterim
figures which failed to come up to
market expectations. Tate -and
Lyle, at 209p, gave up 8 of the
previous day's rise of 13 which
followed the preliminary state-
ment. Having improved to a
I9i«-7S peak of 510p on the pre-
liminary figures - and capital
proposals. British ' Sugar closed
only 5 better on balance at 490p.
A. Flsber eased a penny to 12p
following the interim report

Oils drift lower

T. & Newall easier

Miscellaneous Industrial leaders
were around the day's lowest
after a quiet session. Turner and

Leading Oils drifted off on lack
of support and the occasional
selling order. British Petroleum
gave up 4 at 796p. while Shell
eased similarly to 500p and
dollar premium influences left
Royal Dutch li lower at £3S|.
Activity in secondary issues was
also light Oil Exploration met
with sporadic selling and reacted
4 to 230p, while Tricentrol finished
a like amount down at 150p.

Property leaders opened a
shade firmer before easing in line
with the general trend. MEPC
ended 3 lower at lSlp and Land
Securities a penny cheaper at
221 p. The trend elsewhere was
also towards lower levels, par-
ticularly la the late dealings.
Among the bright spots. Hales
Property responded to' the in-
creased dividend and profits with
a gain of 4 to 36p. while satis-
factory interim results left
Midburst Whites. 36ip, and
Country and New Town. 27p, up
a penny apiece. On the other
hand, Scottish Metropolitan eased
3 to 109p and - B. SunJey were 4
lower at 220p.

Inchcape came under selling
pressure and fell 20 to 360p on

A combination of the fall in
both the -bullion price and In-
vestment currency premium led
to sharp losses in South African
mining Issues. Prices were fur-
ther weakened by tbe decline
m the securities rand following
a report by a U.S. Senate com*
roittee stating that further U.S.
investment in South Africa
“should be discouraged.”

Golds opened substantially,
lower reflecting the steep fall
in the premium late on Wednes-
day. and tost further throughout
the day as the bullion price fell
away prior to closing $2 down at
$173,373 per ounce.

Losses among heavyweight
Golds ranged to £19 as in Rand-
fontein, £33 jl. while West Driefon-
tetn relinquished a point at £18.
Lower priced issues showed
Libanon 24 off at 494p and Kloof
a similar amount cheaper at
474p.

In marginals East Rand Pro-
prietary dropped 30 to 386p and
Durban Deep were 22 down at
328p. The Gold Mines index
consequently lost rather more
than tiie previous two days' gains,
falling 8-3 at 152.7,

Financials fared equally badly.
Anglo American Corporation
dropped .17 to 266p and De Beers
and Union Corporation were both
U "• easier at 291p and 253p
respectively.

Platinums drifted in quiet
trading following the recent
spate of hectic activity. Rusten-
burg gave up 4 to 92p and
Blshopsgate the same to S2p.

Tins lost ground across a broad
front Following the fresh weak-
ness of the metal price and
investment premium. Geevor.
4 5 Op. Malayan Tin. 2S5p, and
Southern Malayan, 245p, were all
around 10 lower. Coppers were
featured by Messina, which fell
6 to flOp following .the passing
of the interim dividend.

OPTIONS TRADED

DEALING DATES

First Last Last For

Deal- Deal- Declare- Settle-

ings loss

Jan. 24 Feb. 6 Apr. 27 May JR
Feb- 7 Feb. 20 May II May 23
Feb- 21 Mar. 6 May 25 Juu. *
For rote indications see end of
Share Information Service
Money was giren for the call
of W. E. Turner, Norfolk Capital,
j. Brown. Ladbrokc, EscaJibur
Jewellery, Fltzroy Iuv., Da%en-

ports*. Brewery, . Cutis. Geld.
Fields. Onue- Developateftts,
Burmah Oil. Vickera. SellatwurL
UDT, Redfearu Glass. BAT
Group, Burton A. Brittania
Arrow, Sanderson Kayser,
S. Osborn. Bam fords. Town aud
Cltv Properties, and Invergorden,
while doubles were arranged a\
Talbex, Chazirrhall Funuce,
Levrx, British Laud. Inven
gordoii. Tow n and titty, Britannia
Arrow and Hestair. A short-dated
call was transacted in J- Brown.

r .■

NEW H1GBS AND LOWS FOR 1977/78

/ -

v; *

* . *

as:

attained nevr J«8l*s and Lo»*s 19«

NEW HIGHS (53)

BEERS Ml

Stylo
Tr-c anile

SHOES 131
jim, turivr iW. ing ( }

TEXTILES Ml

t,-'

Allied Plant
Bctt Bros.

Crvstalate

Moriand

BUILDINGS <4>

yijrpc and Fisnef
Ward Hiags.
CHEMICALS J2J

War dir iBJ
CINEMAS III

LWT A

ELECTRICALS >3)

Allied insulators Sound Diffusion

Best and May

ENGINEERING tSI _

Aswd- Brit. Eno. Jenks ana.Cattcll

BartP n hlcuflltt

Brooke Tool

FOODS (11

Br.t. Sugar

HOTELS >21

Brent Walker Nor.ulk Cap.

INDUSTRIALS (16)

Bntialr Cosmetics Hay fHorman)

Black iP.) Lonsdale Unl-crwl

Boov?v and Hawkes Msn«w«it Seit.

TRUSTS II)
m.v and Gartmore N.m.C luts-

M a,e fi< ln<r% ' RUBBERS -41
Sertam Con- Brattwall

Bird .Atr-cal M , NES s -.{" K "“

E. Rand Con-- Ht'-aLOiB TM»

1 ;

+-■

NEW LOWS (7)

BRITISH FUNDS <21

Exchnani-r lO'jn Trcasur, tfl- ix .

' ,99S«£30P. V > TOuj tiM«.a«^

Bard ij.l shipping «2)

Rcarlon Smith Brjidirt Smith A

SOUTH AFRICANS • I)

Abercam

TEXTILES ll>

Carpels In: nl

4*

J*

Bril. Cmc.

Brittains
Canmnd fW.l
Ctumberljiti PTupps
Goldman (H.)

Norton and Wnohf
Stao Furniture
Stcrlinq Inds.
Tranwood
Wills iGeo.l
MOTORS *31
Dovrtv Harrison IT. C.)

Gates if. G. 1

NEWSPAPERS 11)

Wilson Bros.

PAPER* «)

Brunnmo Gro. CaowaV.

Do. Res.-vtu. Mills and Alien

PROPERTY IS)

Churdiburv Est. Warntord In*.

Land ln»st.

RISES AND FALLS
YESTERDAY

5-

t

»?*

s- •

■a-

Brush Funds

Un Dawn Sam
- *1 5

Carpas^ Dam. and
Forelga Bands

3

2T

56

Indimrlals ...

103

WR

ra

Flnaasial and Prop. . .

57

in

JM

Oils

—

10

5

n

n

Mines

9

92

21

Recent Issues

1

15

39

Totals

258

M4 U26

’v

•a r *

Pi

la

V

J .mi'

BOND DRAWINGS

. !

i 'l

SOC1ETE FRANCHISE DES PET ROLES B-P.
7% LOAN 1960-00 OF FFIOO.OOO.OOO-QO

Bondholders are hereby informed that FFI0.Z77.C00 cf the issue -due
for redemption on 1st March. 1973 will bo redeemed at par as tram
1st Match 1 97B.

FollawinR a draw bv Io*. which took place in the presence of Madame
Jeanne MOUSSE, huifsicr, the tollowino bonds have been selected lor repayment:

NOS. 37505 10 37S17. 37S!2 to 37557. 37593 to 37605. 37619 to 37620.

37632 :o 37644 57652 to 37663. 37679 to 37660.' 37793 to 37829. 37660

to 37066. a 35 10 to 43813 43B63 to 4 3689. 43933 to 43962. 44003 to
44004 44027 to 44036 44038 to 44044. 44095 to-44114. 4411-8 to 44122.
441124 to 44127. 44130 to 44152 44158 tO 44167. 44173 to 441B2.

44235 :a 442411. 44338. 44 55T to 4J3EZ. 444S3 to 44698. 44631 to 44603.

44830 to 44B58 44692 44909 io 44924. 44982 to 45131. 451.S9 to 45227.

45260 to 45294 45353 to 45359. *5363 tO *5397. 45496 to 4S481. 45485

to 45593 45610 to 45709- 47710 to 477T9. *7750 tO 47609. 47816 tO
47319. 47822 to 47852. 47854 to

47926. 47938 to 47965. 48017 to 4.S079.

48066 to 4B098. 48105 to 46237 43262 46268 to 46280. 48256 to 48311.
43315 to 43318 43322 to 4B3S9. 48424 rfl 45439 48510 to 40553. 48574
tO 4S579 48623 to 43645. 48647 to 48659. 48663 to 48672. 48679 to
*6790 10 48799. 48B10 10 48614. 48830 to 48832-
4 3837 :o 46863. 4C9T3 to 48963. 4B979 to 49Q03. 49044 to 49070. 49079
to 490SS 49093 to 40004. 49105 '0 49366. 49381 to 4943Z. 49434 to

49437. 494 5 £ »o 49*65 49496 10 49528. 49579 to 49S90. 49595 to 49620.

49634 to 49577 43689 to 49869 49900 to 49917 49919 1C 49992. 50003

to 53009 50090 fa 50109 50210 to 50322. 50352 to 50382. 50413 to

50450. 504S3 to 50*87 30*90 to 50512 . 30523 to 50559. 50575 to 50729.

50?es to 50241 5QE51 to 50919. S0922 to S092S. S09S7 to 50974. 5101S

to 51102 51123 to 51167 51 17 b t0 51209. 51260 to 51294. 51320 to

5TS29. SI 394 to 51479. SI507 ro 51548. 5155Z JO 51557. SI 563 to S158S.

51S69 ta 51744 51831 to 51850 51889 to 51397 51913 to 51935. S1SS3

to 52 532 52635 10 £2659, 52635 to 52690. S2692 to 527QB. 52725 to

52611. 52845 to 52853 S2862 to 52954. 52963 to 5303*. 53068. 53071

to 53134 33156 re 53157 53160 -.0 5319*. S3200 !o 53214. 53226 to

93236. 53524 to 53540. 5S129 to 55131 55157 to 55166. SS178. SS6S7

to 55676. 556*7 in 55702. 55704 to 5S823. 55832 ta 5S986. 56064 to
5SS99 56175 ta 56729. 56390. 56453 to 56307. 56510 ta 56S27. 56529

10 56541 5554 5 to 56597. 56601 to S6680 56632. S66S4. 56686 to 56707.

56728 to 56734. 56736 56741 56745 to 50747. 567S3 to 56797 56312

to £6827. 56S39 <o 56852 56869 io S687G. 56879 to 56B94. 5669* 10

£6933 56907 to 56012. £6929 to 56946. 56949 to S69&1. 56957 to SW7C.

56982 10 36986. 56997. 57009 la 57019. S7022 to 57112. 57125 to 57170.
57241 to 57748 5?2£9 ta 57263 5726S 40 57307. 57309

. ... 57309 to 57322. S5374

ID 59554 SSL!* Io 53613. 53620 to 58643. 56646 to 58967. 539SO tO
59005. 59079 :o 59292 59299 59313 to 59327. 59S33. 59SS3 io S9373.
59881 to 59955 60001 ta 60015 60242 to 602«4. G0247 to 60270 63*74
to 63B75 64391 to 64436. 64460 to 64481 6*494 to 64500. 64S1 1 to

64519. 64530 to 6454 S. 64551 to 6455S. 6*564 to 64625. 64636 ta 64653.

64656 to 6*661. 64666 to 64704. 64711 to 64717. 64719 to 64724. 64726

to 64793 64810 id 6S109 65113 to 65123. 65132 'o 6S166. 65168 ta

G5260. 65271 to 65310 65371 Io 6S3BS. 69431 to 6S460. 65466 to &S4.72.

65476 to 65*94. 65500 lo 65538. 65520 to 6SS89. 65623 to 65675. 667S3

to 66842 66926 la 66972 672 52. 67926 ID 679B4. 6N51 to 66266. 68269.
68367 to 693B9. 65’ 75 to 69201. 69214 ta 69228. 7S239 SO 78370. 78578
to 76303. 7561 4 to 78916 78926 78939 ta 70940. 73949 io 78951 78956.
78970 to 7B972. 78999 la 79002. 79004. 79013 to 79014 79021 to 79042.

790*4 to 79058 7906 B ra 79070. 79072 to 79092. 7909S to 79107. 79114

ta 79126. 79134 ta 79147 7,165 ta 79169. 79285 to 79238 79324 ta

79343 79364 to 79365. 79*02 lo 7940B 79439 to 79441. 79444 to 79*75.
79494 79705 IO 79706 79712 to 79756. 79760 to 79772. 79705. 79790

to 79795 79797 to 79305 79B21 ta 79830 80051 ta e0079. 80081 ta

C0093 60104 fa SOI 1 5. 30128 to 80130. 30134 IO 8014S. 00191 tO BQ164.
80167 to SOI 76 80195 to S0200 80203 to 80212. 80217 to 80226. £0276.
602 90. 80212 to 20324. 80337 to 80362. 60364 JO 60365. 00368 to 80372.
80376 ta 80393 80396 ro 80421 80423. 80427 to 80429. 20444. 20446

to 80460. 0046 3 10 30466. 80474 ta CO 47 6. 80488 to 60491. 80499 to
80516. 30518 to 30522. 80524 B0523 to 80556. £0562. 60670. 80572.

SC590 lo 60391. S0593 to 30595. 80597. 60604 to 80606. 60733 to 00755.
60776 -.0 807 SS 007 B 8 to 30796. EQBfcS to 60865. 8Q922 to 80976. 80941
to 31001 61054 to 910B2. 01123. 07162 to 01167. 0! 209 IO 813*7. 81357
TO 81363 G1370 la 81372. 31375 to 81392. 81*05 to 81414.81426(0 31431.
31436. 81438 to 81441. 81448 to 81481. 81532 to 31 SOS. 01522 ta 61531.
81539 :q 81542. 91556. 81558 to 01 SS9. £1561 ra 81565. 01574 to 01575.
51578 to 81590. 015QS to 81593. 31602 to 8J&13 81616 ta 81617. 81652
10 81692 91708 to 91711. 31718 lo 81727. 01876 to S137S. 61893 to

31908. 81910 IP 81925 B19S6 to 81967. 81975. 8197a to 01980. 81997 to

82005. 82010 la 82011. 82015 a 92019. 02040 to e204£. 82040. 02OS2 !o

82053. 82056 to 62081. 82034. 82091. S217S to 02195. 82198 to 02295.
S229& -.3 B23CQ. 62303. B2J0S ta 32324. 8238S to 62393. 62433 to 82436..
82462 to 82463. 82497 to 82500. 02506 to 0Z5S1. 8ZSS4 to 82561. 82577

to 62601. 82615 to 82641. 02B46. 82648 to 82650. 82716 ta 82725. 8273b

:o 82742. 8Z75G :a 827P0 92B06 ta 82800. 82817 to 82*45. 82850 to

02874. 82837 to S29&6. 32985 to 02992. 82994. 83000 to B3Q25.

Redemption will take place as from im March. 1970. coupons tor 1st
March. 1979 and toilow'na attached, at the fotlowloq banks:

CREDIT LYONNAIS, Luxembourg

CREDIT LYONNAIS. Pins— BANOUE NATIONALS DE PARIS. Paris— SOClETE
GENERALE Pans— CREDIT COMMERCIAL DE FRANCE. Pins-— MM. LA2ARD
FRERES & CIE. Paris — OR tSONER BANK A.G.. Frankfurt — DRESDNEH BANK
AG.. Hambdrit — SOClETE GENERALE DE BANOUE. Brussels — SANQUE
BRUXELLES- LAMBERT SA. Brussels — BANCA COMMERCIALS ITALIAN*.

Mllar AMSTERDAM- ROTTERDAM BANK N.V . Amsterdam.

BONOS PREVIOUSLY DRAWN AND NOT YET PRESENTED FOR REPAYMENT.
1st March 1974: No. 3dE66 to 3*367.

1st March 197G: No 73Q3Q ta 73031 74396 to 74400. 74589 to 7*593.

74595 to 74597 74633 ta 7*629. 7S206 ta 75207 7*5238 ta 75290. 75820
Id 75325. 76866 to 76B73. 77:es to 77295 77300 to 77203-

1st March 1977: No. 3965 lo 3966. 3998 lo 4007. 40*7 to 4051 J121.

9436 to 94ZS- 94 36 to 9*87 9*92 to 9493. 9SI6. K1S ta 9S27. 9046 to
9847. 9359 9870 to 9571 9001 9386 :o 9900. 9934 ta 9935. 9936 10
9995. 10015 ‘.0 10016. 10020 1 02 TO to 10219. 10431 to 20436. 10464
TO 10513 10569 to 1QL-78. 10729 to 103*3 11026 ta 11055. 11066 to

11070. 11085 to 11006 : 1093 to 11094. II 151 ro ni = z. 11 155 to 11IS6.
11317 to lisil 11056. 11676 rs 11877 11094 to 11.896. 12220 12SS7
to 12579, 12644 ;o 1 2662. 1270* to 12707. 12811 ta 12015 12836 ta

12844. 12896 «*l 129C9. 129S5 la 12962. 12993 to 13001. 13199. 13274 to
132B3. 13S03 to 1 3807. 13811 to 1381 5. 13045 to 13915. 13946 to 13955.

14031 to 14055. 14036 '.a 1*090. 1*182. 1*220. 14230 ro 1*235. 1*292 to
14293. 14306 <0 1*315. 1*3.23 >B 14324. 14343 10 14344, 14360 ta 14372.

14450 to 14*99. 14511 ‘3 14525. 14619 to 14623. 14740 to 14749. 14770

la 14772. 1SS01 ta 1SS03. 15S74 la 1 5583.

AMOUNT OUTSTANDING AFTER 1ST MARCH 1978: FF22.765.000.
Lasemijcurs. iztn January. 1970 The Pafmo Anent

CREDIT LYONNAIS— LUXEMBOURG

PROVINCE OF MANITOBA
9% 1970/1982
UA 1 2.000/100 LOAN

Bonds lor the amount ol UA.S35.OOQ
have been drawn on January 12. 1978
In the presence at a Notary Pahitc for
redemption on March 16. 1978-
Tho foil owing Bonds will be rctm-
Barjcd coupon due March 16. 1979
attach edr

3299 to 3337 loci.

3339 to 3570 InCL
3075 to 3C48 ind.

Amount Purchased In the market:
U A. 245. 000.

Amount unamortlscd: UA. 7.200. 000.
Outstanding drawn Bonds:

2083. 2086. 2080 and 2089. 2175 to
2177 hid-. 2225 and 2226. 2231.
2281 and 2282. 2294 and 2295.
2307 and 2308. 2328 la 2330 Ind..
8808. SCI * and 8614. 9628.

The Trustee.

, _ FJNIMTRUST • S.A.

Luxembaura.

Janaary 27. 1978

LEGAL NOTICES

Xo. OOMte of 1977

In tile HIGH COURT OF JUSTICE
Chancery Division Companies Court. In
the Matter of P0RTLA1V CONTRACTORS
CnjrTED and in the Matter of The
Companies Act. 19*3.

XOTICE IS HEREBY GIVEN that a
Petition for the Winding-Up of the above-
named Compaor by Ute' HUh Catm at
Justice teas, an Bio 30th day Of November
1977. presented to the said Conn by
TOE COMMISSIONERS OF CUSTOMS
■LTD EXCISE of King’s Beam House.
S8-11. Mark Lane. London EC3P HIE.
and that the said Petition is directed
to be heard before the Conn si nine at
the Royal Conns of Justice. Strand.
London WC2A DLL. on the fitit day of
February 1913. and any creditor or
contrlbmory of the said Company desirous
to support or oppose the malting of an
Order on the said Petition may appear
at the time of bearing in person or by
bis Counsel for that purpose: and a copy
of the Petition win be furnished by the
undersigned to aoy creditor or contributory
nf the said Company rcaulnns snob copy
on payment of the regulated charge for
the same.

ti. KRIKORIAN,

King's Ccam House.

39-11. Mark L ane,

London ECSR THE.

Solicitor to the Petitioners.

NOTE.— Any person who intends to
appear on tin* bearing of the said Petition
must serve on. or send bF post to. the
above-named notice In - writing of Ms
Intention so to do. Tbe eolree must state
i be name and address of tbe person, or.
if a firm, tbe name and address of ibe
firm, and must be sisned by the person
or firm, or his or their Solicitor fst anyi.
and mum be served or. if posted, must
bo wut by p*l ill efficient time to
reach the above-named oot later than
four o’clock in tbe afternoon of the
"rd day of February 197S.

ART GALLERIES

PUBLIC NOTICES

WIuS-l

WATERCOLOUR EXHIBITION. Until 24 .
Fob. Mon.-Fn. 0 3D-S SO. Thurs. unt.l 7. ■

HINCKLFY PERMANENT building
_ SOCIETY

Upper Bone street. HI tickle*.
Laiceatershire LC10 IDG

THACKERAY GALLERY. 10. Tffackerav
St_ Kensington So.. W.8 01-937 5803.
M|XfD EXHIBITION. Unt.l S Feb

FOX GALLERIES. Exh.bil.an Of brie Mini-
mal tr* British and ■uroocan Arturs
tram 1700-1965. S-& Cort. street.

London W.l. TC( 01-734 2626. Week-
, «<m IQ-6. 54to IQ-1. ,

Notice i* hereby gtnen that rite rate
of interest on sh^re and deposit accounts
IS reduced bv S**-, as Irani 1st March.
1970. Accounts opened on the basis of
a tired rate (or a 01 wen Period and Sell
Serv.cc Share, are not aflreted.

E. T. FAULKNER.

General Manner. |

SO. Ota S3 or 1976

In the HIGH COiniT OF JUSTICE
Chancery Division Companies Court. [□
the Matter Of L. V. * M. THOMAS
f B0ILDERS1 LIMITED and to the Matter
of Tbe Co.-opMiles AcL 19C

NOTICE IS HEREBY GTVEN that a
Pet i I Ion for tbe V.’lndiiu-Cp of tbe above-
namr-d Company by tbe High Conn of
Justice was. on the irth day of January
19TS. presented :o the said Court by
THE COMMISSIONERS OK CUSTOMS
AND EXCISE of King’s Beam Hons..-,
39-41. Mark Lane. Loudon ECSR THE,
and that the said Petition is directed
io be beard before tiio Court sitting at
the Ron! Courts of Justice. Strand.
London YVC2A ?LL. on the i<hb day of
February isrs. and any aeditor or
contributory oi tbe said Company desirous
to support or oppose the makiou of an
Order on tbe said Petition may appear
at (he ditto of heart ni in person or by
bis Counsel for that purpose: am a copy
of the Petition win be ftirnlshod by the
undr reigned to any creditor or conrribniory
of (he said Company reqmmts such copy
no payment of the reeuiatcu darso for
the same.

G. KRIKORIAN.

Kina's Beam House.
a9-4t. Mark L ane.
lumdoii ECSR THE.

Stiicilor lo tbe Petitioners.

NOTE.— Any person who intends to
appear on the bearing of the said Petition
must serre on. or send or post to. the'
above-named noucc in uiitins of hi*
Imentiou sa ta do The nouce must state
titL- Dame and address of the poison, or
ir n firm, the name ana address uf the
Finn and musi be . signed by the pereou
or firm, or bis or thefr Solicitor Mf anyi.
and mue; be seried or. if polled, most
bt sent by post is sufficient time ta
reach the a twee- named nor later than
four o'clodc in rite afternoon of tile
ITtti day Ol February UTS.

ACTIVE STOCKS

No.

Denomina-

of

Closing

Change

1977-78 1977-78

Stock

tion

marks price (p)

on day

high

low

ICI

£1

J1

345

- 3

446

325

i Barclays Bank ...

£1

10

320

-25

330

228

NatWest

£1

10

268

-22

300

205

Rank Org.

25 p

10

260

—

276

128

Inchcape

n

S) •

360

-20

428

333

Midland Bank ...

£1

9

370

-27

402

245

Swan Hunter ...

£1

fl

149

- 3

162

40

BATs Defd

23p

a

235

-3

260

202

De Beere Defd. ...

no.05

R

291

-11

311

138

Reed Inti

£1-

8

138

- 1

233

118

RTZ

23p

’.S

178

- 4

247

173

Shell Transport

25p

8

300

- 4

635

454

Tate and Lyle ...

£1

R

209

- 8

279

1S8

Vickers

XL

8

1S7

-11

242

144

BP

£1 :

- T

796 .

-4

.966

776

FT— ACTUARIES SHARE INDICES

Xlese indices are the joint compilation of the Financial Times, the Institute of Actuaries

and the Faculty of Actuaries

RECENT ISSUES

EQUITIES

Pmw =— J! S“

laiT'S

Stock

fiUr'o Low

i • F.P. — 470 , J62 EK&O ( KOiO.

104 ,r.P. 20iM» JOB Farmor (ti.W.l.
32 . F.P. .27. 1 . 6OI2. 63 l.M.I

FIXED INTEREST STOCKS

! Central it Sheet-wood K)5 Unm. La. 198i.._

3t is C, mix plan Reg-U^S 193 b
apt*: HduH now Variable 10H2-

28/4

6,1

9S

89

60

38

180

lrfl)

oil
F.P.
F.P.
F.P.
nii
oil
1315 KJ*.

. F.P.
62 ■ F.P.
10 1 nil
1.76 ntl
. . nil
7lz; F.P.
' nil
F.P.
K.P.
F.P.
F.P.
F.P.

F.VI

84

1

68

82

70

10

166

30

SllV 24-Z
16.1227 1
' 6,r :0 3
23,1' 27.-2
24.-2 I0i3 1
13,1, 10-2:
24il 6.-2;
14*9.-12 K7il!

6t 10.2
■ 12-. — ;
17,2! 5.3

25/12 IB/ll

79

ol

Rjpm,

Ls .

es • ;

8oi*
31pm-
63 pm'
10pm.
35ia:

16.1 3/3
16/12- 27. l!
Will: 16,2!

12; Ik : 18, l 1

3.1 27 11

«U

90 l
15 .
£93 :

44 '

SHOW loco Mote* 1964...- .. .

St»i« Do- Deb. 1992.

114 Kmuiiwion * theism llKBWtf...:....

«9ta Do. Do. Variable T2

99lj Leeds Variable 1962.

100 ig' Leicester Variable 1982

101 ij., UOte! Ujb Kept W Mor i» 1962...

102*2 98 lei. Helene J 1*$ Red. 198b

8964 896 'Shell loti. Fin. >iV. 8 ,*% Gosr. Kows 1900

I06p 99t>3we/ Furniture 10? Cum. Prof

1100 ,; lOOvL Temeritte Tariabto 1985- —

loin BTjf Do Red '8<L5

j iCTpj IC6r^ Toet Tnu Ifcf 1C^ Pref

“RIGHTS”

OFFERS

-

Issue

Pn»re

pr

11

Iritret

l.'e a unc. 1977/3

Dates !

- ; Higb { Low ;

6 loot

Closmu' .
FHw» ’+ *

. . Pi

— 1

ZZpoi ArliogluB Motor....

6 gij! Briri part Gunrtry

Sj jUahlefurm

08 jCbrisry Broa

Wpip Own nr. Bank of Australia..

ILtpai | Klber IndusirtaJ ...

125a t Joimmn £ r

M lJobnaos Fiixb Bwwn

71 - 'Kenning Jidior...

26pni'LJf.C. InternatiDoa]

4apnt'Na4ional Bit. of Aurfmlaria..

Bpmi SelH f Jaa.l

24 Ihireua W. !.„.

lDpmlPreedy (Alfred I —

aTLt'R.c.f... :

8 * ;U«wd Rkljnety..

!l ‘.diuria (ISeol

237 -L'td. Srieattfir : —

36 i ir 11 llama rJ. Caniiffi. ; —

26pm •

37 ......

73 ' — 4
45 -i
40pui — 4
18 uni

laift,

61 .-=1

asia'+uc

Z8pm

90 pm— 3

Spra _....

' 3a ;

28pm' >....

4o ;

8B

14 ;

2B8 ■

42 I— 2

Br

tish Government

Thun.

Jan.

26

paj-s

change

%

Kdadj.

To-day

I

Under 5 years

10 Ml

-829

2

5-1 ByccL. —

12254

-052

3.

toerlfiyears

13030

-0.&5

4

Iiredeenw6iej_»_

145JS

-016

,

5

All stork* ..

119.87

-0.45

ROPuacubou datr usually last day ter dealibs trite of stamp -luty. b Figures
t»»e*i on prospectus estimate, a ASSPbied dtwdwd afffl rieki- u Forecast dirnienn
cover tusefl on previous year's earnings, t Dividend and iield based on prospectus
or other affinal eanmatey for 1K9 t» Gross, i kijutw sjewmed Cneer .Uow^
for conversion ol shares hot now radRIns fnr dmdend or tanffiag onlv lor raatytclcd
uindeods. f Placing once ro public, vt Pence unless oiberwise indicated. I issued
by lender. ; Offored io holdere ol Ordinary shares as a - ns nr*. " Rutnr*
oy way ol eapiralisauon. rt MUtimoor usader pries. I# ReJturoaiiced. V Issued

_TUur».. Jen. 36 W,„. r,,^

l-H... J »». ■ l Bn.'

in connection with reorgautainon owtser or tafce-nwr. Il'j teffodotsum. _□ Issneu
in former Prefcrmcc holdfra ■ ABatmenf letters ter fhljy-piia). • PnrrisliMii

nr osnlr-nai** allomiem Ipitere. R’ltb warrants

16 20-yr. Red. Debit Loans (131

16 Investment Trust Profs. (15)
1? Com!, and indl. p re f s . ( ^ 0)

Index : Y i*t,i
Xu.

l jllT V ■ i 1.IB. 1 teri '

- S 'S- , ■>«»■ Witt

.

w.” ““ aa, " r

™ p

yield. High i'ZZTZ: — * ' i 53 -B.bo 7<S.4di«

CjV^3J ] (jr*

BR

DifCW 9.
PJOL5D 33

Tf?*

INSURANCE, PROPERTY, BONDS

Lloyd's Life Unit TsC Hnfrs. Ltd.
‘n^.GteehewftdLAyleabcrr C6S8S41
ftqaltv Arman. - |M12 1SU| . ..J *23 j

SJ-* C, Gravpf fcWJW

rX.Cheapai**.

CLIVE INVESTMENTS LIMITED
1 Royal Exchange Aw.. London EC3V 3LU Tel: 0L-2ST. 1101.
Index Guide as at 24th January, 1978 (Base 100 at 14.1.77.)

Clive Fixed Interest Capita) ■' 135-00

Clive Fixed Interest Income 124.73

CORAL INDEX: close 474-479

INSURANCE BASE RATES

t Property Growth I . SJ'fc

Cannon Assurance 4^‘n

* Addrrsii kb.ivn imJ.: Insarinci' and imnr ’.‘-m l Tubs-

DhUJrocS

( Arana L'sitr)

(Acaom.UnLU)
Fund atim Tftz
(Aeam UbKii .

BASE LENDING RATES

A B N. Bank

' Allied trteh Banks Ltd.
American Express Bit.

Ar.ira Bank -

A P Bank Ltd

• Henry Ansbachcr

. Banco de Bilbao

! Bank of Credit & Once. .

Bank o£ Cyprus

Bank of N.S.'W

Banque Belye Ltd.

- Banque du Rhone

Barclays Bank

‘ Barnett Christie Ltd....
Brem.tr Hnldin^s Lid.
Bril. Bank, of Mtd, East

■ Brown Shipley

. Canada Permanent AFI

Capitol CSC Fin. Ltd.

' . Cayier I.td

i- Cedar Holdings

■ Charterhouse Japhct...

C. E. Coates

Consolidated Credits ..

Co-operative Bank ■

Corinthian Securities...

C rad it Lyonnais

The Cyprus Popular Bk-

Duncan Lawrie ... r -

Easll Trust

English Transcont. ...

. First London Secs .. .
First Nat. Fin. Coryn.
First Nat. See?. Ltd. ...

■ Antony Gibhs

Goode Durranf Trust...
Greyhound Guaranty...
Grind Jays Bank 7

■ Guinness Matron

■ Hambrofj Bank

■ Hill Sarnuc! ? 6* 'V.

t\ Hoare &■ Co .... '•
Julian S. Hud re ■ ■ 7- c",

llonnkonK & Shan aha: ti-':,
Ind-stml F.J., of Sim!. 7 ^
Keyscr Vitamin .. 6| n ;.
Knowsk-y & Co. Ltd. ... 9 e o

Lloyds Bank di 1 ;,

London & European ... Sj°T>

London Mercantile 6

Midland Bank 6'<t;

■ Samuel Montagu 6?%

■ Morgan Grenfell fi»*&

National Westminster rij*?,
Norwich General Trust 6*5.
P. S. Rcfson &• C.o. ...

Ross minster Accept' cs 6? <7,
Royal Bb. Canada Trust 6«*r,
Schlesmcer Limited ... 6;*V.

E. S. Schwab

Security Trust Co. Ltd. •

ShrniCy Trust 9 : ‘7>

Standard Chartered ... 6 :<r .
Trade Dev. Bank «ii*' r ->

Trustee Savings' B:.nfc
Twentieth Century R*- 7 i ‘V,
Uni led Bank nf Kuwait filf.
Whlteawar Lsidlaw .. 7 °r,
William*; & Gljm’a ... 6i*$,
Yorkshire Bank 6**7 1

of c- A£i-v.piJCB liVff

Ovenwve.

• fijy dfiwsif# r- :-nJ«::S dfMKfM

• itbr AMM» cm OTHF vt flAc-M
•ac under ?.' Jp up «o II3.0B® aj’.
Aid *»i«r C.'JH dl'i.

: r*n J.-wrtUr. aver f|j#i S‘»
l Siiusi! di’inniif <*-
r R*»- abo Weil-* klcKBt tm.
R*-c*.

'•■Jar . Ra’i* fi*r T>n»

D-W‘ , '> oV«V rt.WI ttrSTllab'C.

EbraptbaS

.33 ^207 ir»b

FOOD PRICE MOVEMENTS

Jan. 26 Week ago MaMb a;o
r i 1

BACON

Dtmifh A.l per vm
smith A.l per ton .
IrieM Special per ton .
Uteri A.l per un r . . ■■
BITTER

xas «r 20 ih* ' - ■ ■

Er.plteh per cast* .......

Dam^h salted per cwtf..
■CHEESE*

lP.W-llflj 1094-1103

flSOS hJ-03
70.13-71 « 70 1 3-. 1.60

NT, riei tonne 1.210.&J

English chedtlar trad

1,219.43

English cheddar

*ht tonne

EfiGS*

Home -produce:

St» 4

sue 2

Lid! 30
US942

BEEF 9 P

Scottish kUkd sides l ex.

KKCF1 *- 4G£-£;

E*cc forwuarrers ss.o— ss

LAMB

EnglKb 4SB— o2

N7.PLs.TMs 43.0-471

MUTTON

^ Enjtnsh ewes ^

PORK <ah weights) S2CU-42I

POULTRY

Cratter chickens .■ W 0—34 1

* London Egg Ewhanpe price per
'For delivery January 2S -February 4.

350- 4.40 3.9-4 40 —

4 30- 4 SO 4.30* 3.00 —

Jan. 26 Week ago Month aga
perpuund per pound per pound

45(U_49 r ? 4RJ— 49.3 46 0— inn
33.0— SO 0 32.0—540 3PP— S-J.O

4S 0—52 0 4TJ0— 54.0 48 0— 35 0
0—47 0 46.0—48 0 47.0—46 0

32CW42 0 32.0^*2 0 3^0—42 0

WO— 34 0 30.0—34 0 30.0—34.5
price per ’20 cccs. f Delivered.

53

-cj; 4 jo

CnD Trusts (y)

oassszr.

-ail mo

Mi

cn.'i!R.i:u

^ . . . , . T^Z. * V Wider Growth Fwrf

rCUCn URl Admin. UL {uni XuVSesSt ECOUaK
•lVtemulaS(..lfaKScMr ctt-Msec imba... .*i
PsUsscVotU pu eut-fth VR atMLlaa JHJ

F^rJ

SVJc vz dqr.d mcljde 5 premium. «ceptwli«
ztivi ». si<S are in p**c* uiuacm qtbarwli
sc'.ed .J :>Hds % :mc.wn In Last eolmn

0L<3«61

SS.J SV

I 2S7Jj

Friday January 27 1978

CALLAGHAN ISSUES BLUNT WARNING

BY PHILIP RAWSTORNs

! 2

1

If

AIR. JAMES CALLAGHAN last
night issued a blunt warning

to British Lcyland that It must
now solve its own problems.
“Do nor look (o the Govern-
ment for any more solutions.
We have done our part. Now
il's up to you.”

The Prime Minister, in a
speech to Birmingham Cham-
ber of Commerce, gave his full

personal barking to Mr.

Michael Edwardes, the British
Leyland chairman, who has
been faring criticisms from
both the company's manage-
ment and anions.

To all “ the critics snapping
at his heels." Mr. Callaghan
said: ** Give yourselves a
chance and give Michael
Edward es a break."

Patting public money Into
British Lcyland had been an
“act of faith," the Prime Min-

ister said. ** So far, the results
have been disappointing."

The Government had stepped
in because there was no other
alternative if a major part of
the British car industry and
thousands of Jobs were to be
saved.

“Are we going, to be let
down?" he asked. “I make no
threats about withholding
funds if targets are not met
That kind or language can lead
to bloodymindedness.

“Bui 1 say to everyone in
Leyland tbai the way Nemesis
will come is when von have no
customers left to sell to. The
country has shown -faith in
Leyland. Now it Is up to Ley-
land to Justify that raitb from
top to bottom, management
and workers."

Speaking of the economy.
Mr. Callaghan" said that the
Government intended, over the

next Tew months, to take
further decisions to stimulate
industrial recovery and econo-
mic expansion

The spring Budget would
play its part, and he saw no
reason to discourage the expec-
tation of tax redactions. '

Mr. Callaghan stressed that
the tax eats were the only way
of dealing with one problem
of incentives, by widening the
gap between take-home pay
and social security payments.

He warned that the pros-
pects for Britain and the rest
of the world would depend
critically on the U.S. economy.

** We shall aU be in the soup
together if the" world's trad-
ing system is disrupted by
remedies that involve deflation
in the American economy. I
hope that America's economic
policies will encourage growth
in the world economy."

Two more Leyland
directors resign

BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT

THE REORGANISATION nf
Leyland Cars, due to be announ-
ced next week, will go ahead with
a completely new management
team at the head of the company
following the resignation yester-
day of Mr. Keith Hopkins,
director of sales and marketing,
and Mr. Geoffrey Whalen, direc-
tor of personnel.

Their decision to leave Leyland
Cars comes only three weeks
after Mr. Derek Whittaker, the
company's managing director,
announced his resignation.

AU three are staying to the
end of the month to help with
the reorganisation being carried
out by Mr. Michael Edwardes.
the new chairman.

The departure of the three
executives most closely associ-
ated with the re-grouping of
Leyland Cars into a more inte-
grated company suggests that
they are unhappy with the
emphasis Mr. Edwardes is plac-
ing on a decentralised structure.

Plans for .splitting Leyland
Cars into product-oriented com-

E anies. one of which will be
ased on the former Austin
Morris business and one on
Jaguar. Rover. Triumph, clearly
mean alterations in the role of
services such as marketing and
personnel.

A fierce argument has been
going on within the company a*
to how far these services— plus
engineering — should be split and
given back to the operating
divisions.

Some senior executives on the
Cars Organisation Committee,
which the three men have been

Mr. Keith
Hopkins

Mr. Geoffrey
Whalen

advising, support the concept of
a -fairly ceatralisad structure,
rather than the decentralised one
proposed by Mr. Edwardes.

Mr. Whalen- hinted yesterday
that a measure of centralisation
will continue in industrial rela-
tions.

“ 1 am glad that the work on
which we have been so heavily
engaged— the job of improving
industrial relations and produc-
tivity by means of simplified
negotiating arrangements, logi-
cal wage structures, improved
security and an incentive scheme
—will so on with the full support
of Mr. Edwardes and. of course.
Mr. Pat Lowry" (personnel direc-
tor). he said.

Despite these hopes Mr.
Whalen, 42, was clearly faced
with a changed and possibly
reduced status.

The same applies to Mr. Hop-
kins. aged 49 who has had to
try to sell Leyland cars for the
last three years against a back-
ground of continual poor supply.

Three temporary appointments
were made by Leyland last night
to AH the gap left by the
resignations.

Mr. Trevor Taylor, director of
sales, becomes responsible for
co-ordinating sales and market-
ing. Mr. Bill McLean, director of
employee • relations, takes on
responsibility for personnel
policies and planning, and Mr
Gordon MacFarquhar. staff direc-
tor of organisation *nd manage
ment- planning, take* on em-
ployee services and training.

These positions will, probably
change again after the announce-
ment of' the company's new
structure on Wednesday.

Mr. Edwardes. who has kept
the National Enterprise Board.
Leylamfs main sharenolder. and
the Department jf Industry
closely informed of his plans, is
then due to tell the trade unions
what be wants at a conference
in Birmingham.

The plans will then go to the
Leyland main Board, the NEB
and the Government lor ratifica-
tion.

•Leyland Cars has rejected
complaints that it uses its size

Hopes for early

Rhodesian
settlement fade

BY TONY HAWKINS

SALISBURY, Jan. 26.

.PROSPECTS . that a • Rhodesian
internal settlement might be an-
nounced before the talks in Malta
on Monday between the British
Government and the Patriotic
Front nationalist alliance
diminished to-night after a day
of inconclusive discussions.

These were marked by the
appearance of a potentially dam-
aging hesitancy on the part of
Bishop Abel Muzorewa.

The leader of the United
African National Council appa-
rently questioned several issues
at this afternoon’s talks, raising
a potentially particularly difficult
demand that the final constitu-
tion be drafted by an all-party
committee before the establish-
ment of an interim government
representing the four parties to
the discussions.

Earlier, it had been reported
that agreement in principle bad
been reached on all major
issues.

The question to-night was to
what extent the Bishop has reser-
vations about the agreement and
to what extent he is concerned
that there could be a divergence
between what is agreed “in
principle ” and what finally
emanates in detail.

The major points agreed are
for a one-person, one-vote
franchise from the age of 18. with
separate voting rolls for whites
and blacks for the first ten years
(or two elections,. whichever is
the longer) of “ legalised inde-
pendence.

Several safeguards for the
minorities (300.000 whites,
coloureds, persons., of mixed
blood, .and Asians) have been
i agreed,, including a Bill of
; Rights, pension, property and
! job security, dual citizenship
' and an independent judiciary.

These safeguards are to he
enshrined in the constitution in
entrenched clauses which can be

and power unfairly. The Depart-

ment of Industry Issued a state-
ment last night, after corres-
pondence with Mr. Bob Gryer.
Parliamentary Under-Secretary
for Industry, which says that the
company “make every effort to
avoid imposing terms and condi-
tions on either small firms who
are supplied or who buy from
the company."

Citroen revival. Page 2

i '

Japan’s shipbuilding
cuts may hit Europe

BY IAN HARGREAVES, SHIPPING CORRESPONDENT

EUROPEAN SHIPBUILDERS
could face difDcnli decisions
on (he future size of their
operations as a result of plans
by Japanese shipyards to scrap
»:p to half their capacity by the
end of next year.

Japan's shipbuilders now
ha\e only 9.4m. gross tons of
orders on their books, repre-
senting only six months’ work
at present output levels.

Although the European
industry and Government offi-
cials were expressing caution
yesterday about the precise
nature of the Japanese pro-
posals, they were prepared to
admit that Ibe cutbacks. If
carried out. would be or the
utmost significance for West
European shipyards.

Viscount Etienne Dai ignon,
the EEC Industry Commis-
sioner. has outlined a plan
involving a 46 per cent, reduc-
tion in the Community's capa-
city by 1980. Thai would result
in the loss of about 50.000 jobs.

Until now. however, (his
plan has been regarded by

Continued from Page 1

Europe
poll win

shipbuilders as one of Viscount
DavJgifon’s theoretical excesses;
an argument bolstered by the
observation that until the
Japanese, with half the world !
market in merchant shipbuild-
ing, cut capacity (here was
little point in sacrifices being
made by Europe.

The direct result of these
altitudes within EEC Govern-
ments and the industry has
heen a profusion of subsidy
and soft credit measures in
the race or heavy competition
from low-cost shipyaros in
Korea and Eastern Europe.
These measures are estimated
by the EEC to have cost
member States £380 m. in 1977.

If the Japanese are in earnest
about their targets for reduc-
ing capacity, there will be
great pressure on the EEC to
respond in kind at the next
meeting or the shipbuilding
working party of the Organisa-
tion for Economic Co-operation
and Development In March.

Too late for small yards, Page 3

Weather ? !

U.K. TO-DAY
RAIN moving N. and E.

Normal temperatures in S., bul
cold in N.

London. SJL. C. S. England. E.
and tY. Midlands
Cloudy with rain at times. Max.
6C H3Fi.

E. Anglia, E. England
Sunny with ram later. Mux 6C
143F1.

Channel Is., S.W. England, S.
Wales

HOLIDAY RESORTS

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Berlin

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Brussels

Budapest

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Ram, then showers. Max. &-7C
(43-45F).

N. Walej;, N.W. England, Is. or
Man, N. Ireland
Cloudy with rain or snow. Max.
5C (41F).

Lakes, Cent. N. and N.ET. England.
Borders, S.W Scotland, Glasgow,
Argyll

Sunny, rain or snow later.
Max. 5C (4lFi.

Edinburgh, Dundee, Aberdeen,
C. Highlands

Bright, some showers. Max.
3-!C (37-39F).

Outlook: Wintry showers. Some
sunny intervals, colder, night
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BUSINESS CENTRES

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Aiders
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Blackpool
Bordeaux
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Capo Tn.
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Y'day
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16 61

C 23 73
C 14 S7

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Faro S 13 SB

Jersey

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Majorca

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Malta

Nairobi

Naples

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U— Cloudy.

SI— SlccL

of Scottish devolution. Ministers
accepted that tactical errors had
been made in the handling of the
Bill that would be dtfficult to
reverse.

If not corrected at Report
stage in two or three weeks’
time the defeats could make
creation of a Scottish Assembly
unlikely. Such a failure would
gravely damage Labour’s elec-
toral prospects in Scotland.

The view among senior Minis-
ters is that a-direct assault on
either of the major changes in
the Bill, making the referendum
conditional on a 40 per cent,
vote of the total electorate; and
the right of the Orkneys and
Sbetlands to opt out of a devolved
administration, would be doomed
to failure.

Instead, the Intention is to
draft compromise amendments
to meet . some arguments by
opponents of thd Bill.

No decisions have yet been
taken, but on the amendment of
Mr. George Cunningham. Labour
MP for Islington South, requir-
ing a 40 per cent, vote in the
referendum, there could be a
reduction in the figure or a for-
mula that would give West-
minster stronger powers to reject
a referendum based on too
derisory a vote.

The difficulty facing the
Government became immediately
apparent yesterday when Mr.
Cunningham's supporters made
clear their determination to
stand firm. Many Conservatives
who abstained on Wednesday
night threatened to support him
next time if the Government
adopted strong-arm tactics to
overtnrn the Commons decision.

After the Cabinet meeting Mr.
Michael Foot Leader qf the
Commons, offered an apology to
MPs about the allegations that
three Government Whips and
two other MPs had sought to
■prevent the Shetland division by
“cheating.”

The five, who will be “named
in to-day's Hansard on the
instructions of Mr. George
Thomas, the Speaker, are Mr.
Walter Harrison. Government
deputy chief Whip: Mr. Jack Dor-
mand and Mr. Jock Stallard. both
Government Whips: and Mr.
Douglas Henderson and Mr.
Hamish Watt, of the Scottish
National Party.

Mr Foot sought to defuse
Opposition fury by saying that
discussions between Whips and
Nationalist MPs “were im-
properly prolonged” and could
have affected the timing of the
next vote.

“I apologise to the House that
this should have occurred and T
trust that it will not happen
again,” he added.

amended only by 78 of the 100
Members of Parliament.

It was agreed that a maximum
of 100,000 white voters would
elect' 28 MPs and 3m. black
voters the remaining 72.

Thus, any amendments woula
have to. be acceptable not only
to the 72 black MPs but to at
least six whites.

Agreement was also reached
on the composition of an interim
administration to pave the way
for legal independence.

The three black leaden and
some of their top lieutenants will
replace members of Mr. Smith’s
Government during the transi-
tion period.

It was not possible to agree
on the duration of the interim
administration — the whites want
at least two-years and the blacks
insist on a maximum, of nine
months.

Experts from the four delega-
tions have apparently decided
that there were so many
imponderables that ft was prob-
ably better not to stipulate any
definite timetable.

But to-night. Bishop Muzorewa.
whose agreement is crucial to the
whole package, was expressing
reservation on some issues.

these apparently included the
wording of the separate voting
rolls clauses, but more impor-
tantly, the idea that the interim
government be set up as soon
as possible.

The bishop suggested that the
“in principle” deal should be
spelt oat . in detailed terms be-
fore be and his party colleagues
finalised the agreement and
joined the interim government.

If the Bishop maintains this
position, it would delay the talks
seriously, to the extent that they
would lose momentum.

- Owen faces tough Malta talks.

Page 3

EEC plans to aid
the Third World

r,- , T . M

?■■.?/■ v

— » .'*«#

v- i ;

BY GUY DE jONQUIERES, COMMON MARKET CORRESPONDENT

BRUSSELS, Jan. 26.

A NEW strategy to encourage
European Investment in raw
materials industries in the Third
World was proposed to-day . by
the EEC Commission. It plans
to draw up formal EEC agree-
ments with producer countries
and provide investors with added
protection against non-commer-
cial risks.

Its aim is ro assure the
Community of more stable long-
tsnp supplies of imported raw
materials, particularly minerals,
wbije promoting the 'industrial-
isation of the poorer producer
countries and strengthening
their commercial and political
links with the EEC.

Mining sector

The proposals, unveiled here
by M. Claude Cheysson. Develop-
ment Commission, are designed
to meet developing countries'
demands for an increased trans-
fer of financial resources from
the industrialised world. M.
Cheysson hopes that they will
form the basis for discussions
in the stalled North-South dia-
logue and similar forums.

The scheme, on which EEC
Governments have to express
their views, exists at present
only in broad outline. It envis-
ages the negotiations by the EEC
of general agreements with pro-
ducer countries, laying down
basic guidelines for the treat-
ment of investments. These
could be supplemented by speci-
fic measures for -individual
projects

M. Cheysson emphasised that
the proposals were intended to
complement and not replace
•national guarantee schemes and
added that they would provide a
fresh incentive for EEC direct
Investment in the Third World,
especially in the mining sector.

He said that only 13.5 per cent
of EEC mining companies’ ex
pioration budgets was spent in
developing countries between
1973 and 1975. compared with 57
per cent in 1981.

M. Cheysson pointed out that
private direct investment by
American and EEC companies in
the Third World had been
stagnating in real terms for
several years. New investments
by UJ5. and EEC companies in
1976 amounted to S1.8bn. and
S12bn. respectively, about the
same as in 1970 after adjustment
for inflation.

Only Japan bad increased its
Third World investment in real
terms, from $261.5m. in 1970 to
S58Sra. in 1976, although the
latter figure was still lower than
the $9S7.2m. invested in 1973.

The general agreement would
set standards to be observed by
European investors and host
governments in the fiscal and
legal treatment of investments,
the transfer of Income and
capital and similar questions,
while also establishing proce-
dures for settling legal disputes.

In addition, specific agree-
ments are envisaged .'or indi-
vidual projects on a case-by-case
basis. Eligible projects would
have to meet criteria laid down
by the EEC. involve companies
from at least two EEC countries
and entail a substantial capital
ontlay.

The EEC could also insure
large investments, not already
covered by national guarantees,
against non-commercial risks
such as war and expropriation.
Although the mechanism for pro-
viding such guarantees has not
been worked out the Commission
believes that they could be
financed initially out of pre-
miums paid by investors.

EEC borrowing plans. Page 2

Continued from Page 1

Swan Hunter

outfitters refused to lift an over-
j time ban imposed to support a
[long-standing claim for pay
! parity with the boilermakers.

All other stewards represent-
ing the 10,000 Swan Hunter
manual workers gave the guaran-
tees sought yesterday.

Mr. John Chalmers, general
secretary- of the Boilermakers'
Amalgamation and chairman of
the all-union national committee,
said he was “broken-hearted” by
the rejection of confederation
officials’ joint plan for restoring
■ peace.

Recriminations on the Tyne
could make it doubly difficult
for union leaders to set up a
working party on Swan Hunter's
pay problems, under an indepen-
dent chairman. This is an
attempt to stop leapfrogging pay
claims by establishing a common
settlement date for all 10.000
manual workers, and to end rows
about pay differentials by devis-
ing a commoa wage structure.

Last night. Swan Hunter
draughtsmen gave a warning that
they would not hand over plans
For the seven Polish shins
originally earmarked for : the
TYne without the promise of a
secure future from British Ship-

builders.

Mr. Michael Casey, British
Shipbuilders’ chief executive,
signed the final building con-
tracts yesterday in Szczecin,
naming Govan, Robb Caledon.
Smith’s Dock and Scott Lithgow
as the yards for 23 of the 24
vessels involved Ln the order.

The last vessel, a 4,400-tonne
bulk carrier, has not been
assigned to a yard, but the pri-
vately-owned Ailsa company of
Troon is hoping that it will get
the ship after a promise last year
by the Government that the pri-
vate sector would not be ex-
cluded from the order.

This position is complicated by
the fact that Ailsa’s shareholders
are canvassing the Government
to buy it out and make It part of
British Shipbuilders.

Even with the building con-
tracts signed, British Ship-
builders remains free to
renegotiate the placement of
ships with the Poles— a freedom
which will be useful should any
yard fail to keep to its promised
delivery dates and which mav
still be used to bring Swob
Hunter in on the deal if its
labour difficulties can be
resolved.

THE LEX COLUMN

Midland jumps

IM

rights issue gun

art

The discount market has be- . . q

come accustomed to signals (|j(|g\ ieil 7.4 to
from tbe Bank of England be-

fore Thursday afternoon, but
the Bank took its time this
week. The forces acting to-
wards a cut in MLR in any case
had seemed slight, and senti-
ment ln the gilt-edged market
continued to deteriorate yester-
day.

Midland Bank

Commercial Union took just
over three years to come back
for a second rights issue last
November. It has taken Midland
Bank just under three years.
The last. time Midland waited
until its full profit figures were
available before pushing the
rights issue button; this time it
has announced, the issue

r-

midland bank

s\

CAPITAL ISSUES .

1975 £S2»«9bBhw*

sSflm Eusobood

4*

.

1976 St2Sa£«atoO£b

1977 s]25«Embsadi
1418 f 96 4« RiOlli Usue

•

.

3.

Free Capital

Ratio^ S

““

2 ^

<

;-k *

a

•

9

•

1 *

s. ■***"

^s>>.Frefi Equity

Ratio

1

12 '73 ' *» ’75 ’76

’77 J

pre-UK List yean, still laaktn*
-.nit! prosres* whit* tfi?
■:cti\ dins hasinl in Un«g Kohg
ha vi? ulsu .shown growth. Mtap-
tmii* tin' u K Mibsidiana;

i ^

tilin' n»* 1 sm»ni«rH

vri ui'ti iik’IiuIl- Barn Dawes
insurance broking and Mann
Kserton m motor distnhuliov
have put m solid perfonnamv*
The weak spots appear u> have"
tuvii N igeru aOd Malaysia, both
stiffen n ■: from price restnetinav
uhicli have nffccMd fn cheapen
motor trade intettttB.- There
has been in* real;. improvement
tie re in ih«? second half. What
all this mult! add' -up ''to J#
around £?5iu. pre-tax. fur th4
vear as ,i whole, .with .eermnjS
uf perhaps -l7p a riwrc giving *

prospective p/e

Of.. TJ5. That,
and Hu? yield of M per wittE
are satisfactory enough, but 2*
may be some time before an#
value au-im ftllacbtt
h*‘n sterling hvtigfl .

'a

too at Just under 2 per cent.,

scarcely before the ink has dried ’ have bccn | laa ied up in line premium v
on the 1977. profit estimate. with the norm. l "

The issue was unexpected and Midland’s recent above aver- characteristic's,
the timing poses a number of ag e performance has been
questions. Maybe Midland was largely due to the improvement
keen to jump in ahead of an- of its non-banking interests,
other -possible clearing bank' such as Bland Payne, and Uie
issue — prior to yesterday Bare- -.real question now is whether it
Jays seemed the- most obvious can continue to out-perform the
candidate Since if had nor par- .others. It has been aggressively

ticipated in tbe 1975-76 bout of building up its. U.K. market far

bank equity raising. Does Mid- ;S hare by undercutting its rivals. a*J- *d au advamed ft
land’s move indicate that- it -but it is still unclear whether °f ,ts ,na,I1 s - Atncau
expects a surge in balance sheet increased volume will offset the interests,
growth over the next year -or lower margins. Meanwhile, it is These are a fill per cent hold-
two and, if so, where does this expanding its international ing m Reed Nainpak a quoted

leave the other clearing banks? banking business but here mar- company acquired two years

Reed Inti.

Reed Internal tonal’* retrench*;
ment continues apace. Disposals
an far this financial yen',
amount to a round £3Uni.. and -it
now emerges that

Whatever, the answers, bank gj ns are also slim— -especially a gn at an overall cost of Ellm,

shares fell sharply on the news i n the Euromarkets. and a hah share m a loss

—Midland dosed 27p lower at making paper null. The toiler's

370p— and the sector index fell JnchcaDe gross assets >'[ about film, ate

by 3J per cent largely financed by debt, half

Midland’s move has been ln cbcapes modest o per cent of whleh iS ; ^, ari -, n rpcd by Reed,
accompanied by a modest boost advance to a ■ »»;he current market value of

in dividend, and pre-tax profits d S2?? 1 fti h « Si

of the order of f 190m. (against £ L? ??

£ 166.4m.) are slightly better ~ ^ ut

than expected, given the current bettcr tha " U lo< ? ks ’ A ?\ e ,
depressed conditions. However,

like Commercial Union. Midland ®

is a large financial institution W|th the rales used la:,t Ume ’

whose balance sheet ratios have
been under pressure since the ,. uCIll .
early l970's. . Uhtil now it has z.

the Rcedpak holding is around
£37m. Su ii seems more likely
than not that any disposal will
result in a net bnnk loss, even
though the proceeds may tint
necessarily have in come nut
via ihe blocked rand discount
which would take out a iurflier

and given that December 31

chunk. However, any um will

arc consolidated ^ a ouart£ bc n,odcsI in ,he CQ,Ucxt of tin-
had one of the weakest bank 3rrears ) the impact will be fairly S™ u P’s net tangible assets of
balance sheets. The need fur to £6m foJ IWT.tI m a £23ttm - nr »■
the issue to some extent refleers whQ i e Secondly the imoortant P‘ irtant is the potential impact
the. excessively high prices Sian subridiari^ as welUs flow “ Rcedpak.

Midland paid for Montagu Trust, j^ ino in more con ^_ although very profitable. pr«i-

Uo “ s - ^ avo been ^ ,red t0 ^ ° nI> H d,Vid - ml

U ? S status of 40 per cent owned iu«muv-and on the gearing

been the greediest UJC barfk in associates This has hit the ratios.

S. rou P figures, although As a result of currency move-

haiF °Z. er the last tW0 and 3 the former local minority mentis, a scaled-down inveM-
3 years * interest has also been removed, ment programme and the di*-

The position now after two and net attributable profits, on posals so far, Reed’s total
rights issues is that Midland's a slightly lower tax charge, are borrowings may have fallen to
ratio of free capital to deposits up by 22 per cent under £4QQm., compared with

is 4 2 per cenu probably above Trading has remained gener- about £435m. last March. Mean-
tire average For tbe cTearers. A ally healthy, with the important while the shares have at last
feature of Midland has been the Middle East area (which con- pulled out of their nose-dive in
low free equity ratio and that tributed £18.2m. out of £73.4m. the past month or two

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